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Legislative Assembly for the ACT: 2002 Week 1 Hansard (12 December) . . Page.. 165 ..

MR HUMPHRIES (continuing):

Mr Speaker, the question of what will happen this financial year is a matter of some dispute. The Treasurer suggests that the last government has almost certainly passed on a projected end-of-year operating deficit. We will have to see what comes out of that, to see what the end-of-year result actually will be. I am sure that whichever of us is correct in our hypothesising of what might occur will be putting out a release and gloating about that outcome.

I will say that, as far as I am concerned, the figures published yesterday confirming a projected operating result of $38.8 million for the present financial year vindicate the wisdom of us making similar assertions prior to the last election. Mr Quinlan said at the time of those figures being published by ACT Treasury that it was irresponsible to make such assumptions or assertions with the aftermath of the fallout in international share prices not being properly factored in, but apparently the statement that we made at that time was good enough for him to repeat yesterday, so I believe that that figure is reliable.

I also think that it demonstrates extremely clearly that, if there is any deterioration in the ACT's financial position, it will not result from any decisions made by the former government. Mr Speaker, those figures demonstrate an extremely good outcome for this year-a budget estimate originally of $12.3 million, inflated now to a projected end-of-year result of $38.8 million. What is not factored into that, according to Mr Quinlan, is the effect of the September 11 attacks and other impacts on the territory's share portfolio overseas, but I think it would take a great deal of imagination to ascribe any deterioration in our position in that respect to the former government.

Mr Wood: Actew would have been a safer investment.

MR HUMPHRIES: That may be the case, but the fact is-

Mr Quinlan: You have sold half of it.

MR SPEAKER: Mr Humphries, you can avoid all this if you just direct your response to me.

MR HUMPHRIES: If I had not had any interjections, I would not have had to worry about addressing my comments to you, Mr Speaker.

MR SPEAKER: Do not provoke them too much.

MR HUMPHRIES: Mr Speaker, I am very confident that these figures are sound and sustainable and that the ACT will see its legacy from the former government being one of sustained surpluses, if that is what the government wants to continue. It is also worth noting that any end-of-year result has to be tempered by the result of the second appropriation bill already before the house and the third appropriation bill foreshadowed in the statement by the Treasurer. If they are spending a great deal of money, that also needs to be put into the equation and their decisions to increase spending should not be attributed to us.

Mr Speaker, I am somewhat disturbed or wary, at least, of the following comments on page 10 of Mr Quinlan's statement:

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