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Legislative Assembly for the ACT: 2011 Week 13 Hansard (Tuesday, 15 November 2011) . . Page.. 5294 ..


Debate (on motion by Mr Smyth) adjourned to the next sitting.

Financial Management Act—consolidated financial report

Paper and statement by minister

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Education and Training and Minister for Tourism, Sport and Recreation) (3.19): For the information of members, I present the following paper:

Financial Management Act, pursuant to section 26—Consolidated Financial Report—Financial quarter ending 30 September 2011.

I ask leave to make a statement in relation to the paper.

Leave granted.

MR BARR: I am delighted to present to the Assembly the September quarter 2011 consolidated financial report for the territory. This report is required under section 26 of the Financial Management Act. The September headline net operating balance for the general government sector was a surplus of $78.7 million. This result was $18 million lower than the year to date budget of $96.7 million. This reduction is mainly due to lower than anticipated tax receipts and delays in receiving commonwealth revenues. Total expenses were in line with the year to date budget.

On an AAS basis, the general government sector recorded a deficit of $78.3 million compared to a year to date budget surplus of $110.5 million. This is due to the net losses on the territory’s superannuation related equity investments due to continued turmoil in international markets. As I indicated in my previous speech, the territory continues to maintain a strong balance sheet, as reflected in a number of key indicators such as net worth, net financial liabilities and net debt. I commend the September quarterly report to the Assembly. I move:

That the Assembly takes note of the paper.

Debate (on motion by Mr Smyth) adjourned to the next sitting.

Financial Management Act—consolidated financial report

Paper and statement by minister

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Education and Training and Minister for Tourism, Sport and Recreation): For the information of members, I present the following paper:

Financial Management Act, pursuant to subsection 62(1)—Statement of Intent 2011-2012—Australian Capital Territory Compulsory Third-Party Insurance Regulator, dated November 2011.

I ask leave to make a statement in relation to the paper.


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