Legislative Assembly for the ACT: 2006 Week 10 (19 October) . . Page.. 3333..
Financial Management Act—consolidated annual financial statements
Papers 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 the following papers:
Financial Management Act, pursuant to section 25—Consolidated Annual Financial Statements, including audit opinion—2005-2006 Financial Year—
Further information, dated October 2006.
I ask leave to make a statement in relation to the papers.
MR STANHOPE: Mr Speaker, I present to the Assembly the unqualified 2005-06 consolidated annual financial report for the territory. This report is required under section 24 of the Financial Management Act 1996. The 2005-06 annual financial report is the first the territory has prepared under the new Australian Equivalents to International Reporting Standards, or AIFRS, framework.
For the year ended 30 June 2006, an operating surplus of $137 million was achieved for the general government sector. The audit result achieved is lower than the preliminary operating result of $176 million reported in the interim June quarter of the consolidated financial report.
The movement in the final general government sector operating surplus from the interim outcome principally reflects an increase in the estimated superannuation expense of $40 million. This increase was due to a change in technical accounting assumptions in order to ensure full compliance with the new Australian Equivalents to International Reporting Standards. Further details of this accounting change are provided for the information of members in a short technical note tabled with the consolidated annual financial report.
While we are committed to the long-term reform of the territory's budget, the achievement of the government's fifth consecutive accounting surplus is a pleasing result. I commend the 2005-06 annual financial report for the territory to the Assembly.
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 the following paper: