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Legislative Assembly for the ACT: 2006 Week 7 Hansard (15 August) . . Page.. 2157..


MR STANHOPE (continuing):

$25.7 million for the Treasurer's Advance. The final expenditure against the Treasurer's Advance for the 2005-06 financial year totalled $13.250 million, leaving $12.450 million unallocated. I commend the papers to the Assembly.

Financial Management Act-consolidated financial management report

Paper and statement by minister

MR STANHOPE (Ginninderra-Chief Minister, Treasurer, Minister for Business and Economic Development, Minister for Indigenous Affairs and Minister for the Arts): For the information of members, I present:

Financial Management Act, pursuant to section 26-Consolidated Financial Management Report for the financial quarter and year-to-date ending 30 June 2006.

This paper was circulated to members when the Assembly was not sitting. I ask leave to make a statement in relation to the paper.

Leave granted.

MR STANHOPE: I present to the Assembly the June quarterly management report for the territory. This report is required under section 26 of the Financial Management Act. The information included in the June quarterly management report is current as at 30 June 2006. However, it may be subject to change as part of the audit process.

The territory's audited annual financial statements are currently being developed and will be provided to the Assembly in October 2006. The preliminary net operating balance for the general government sector is for a deficit of $91.6 million in 2005-06. The net operating balance is measured on a government finance statistics basis. This represents a $71 million improvement on the result published as the estimated outcome in the 2006-07 budget papers.

The preliminary Australian Accounting Standards operating result for the general government sector is for a surplus of $176 million, reflecting strong investment windfalls in the territory's superannuation investments in 2005-06. This is a $55.8 million improvement on the result published in the estimated outcomes in the 2006-07 budget papers.

Consistent with the basis on which the budget was prepared, the government used the Australian Accounting Standards outcome in this report. In seven years in government the Liberal Party presented budgets that were consistent with the Australian Accounting Standards, but not once in all the years they were in government did they bother to provide the level of detail in relation to general financial statistics that we have provided. It is interesting to note that this is the largest surplus ever delivered by an ACT government. It puts to shame and in some context budgets delivered by the Liberal Party in seven years under the Australian Accounting Standards. Most of those budgets were in deficit.

Mr Speaker, while these preliminary figures are welcome, the ACT budget continues to face significant longer term pressures. That is why the government is determined to take


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