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Legislative Assembly for the ACT: 2007 Week 11 Hansard (Wednesday, 14 November 2007) . . Page.. 3373 ..

sustainability of high-quality services to the community and meeting the existing and emerging infrastructure requirements of the territory.

The net operating surplus reflects the territory’s strong economic performance during 2006-07. The economy remains strong and growing. We have virtually full employment, and business confidence remains high. State final demand was a solid 5.5 per cent. Strong growth in non-dwelling construction activity greatly contributed to private investment activity, employment in the ACT grew at a rate of 3.8 per cent and investment in the ACT housing market by both owner-occupiers and investors grew strongly during 2006-07. The continued strength of and confidence in the ACT’s economy is a reflection of the government’s prudent financial management. I commend the papers to the Assembly.

Financial Management Act—consolidated financial report

Paper and statement by minister

MR STANHOPE (Ginninderra—Chief Minister, Treasurer, Minister for Business and Economic Development, Minister for Indigenous Affairs, Minister for the Environment, Water and Climate Change, Minister for the Arts): For the information of members, I present the following paper:

Financial Management Act, pursuant to section 26—Consolidated Financial Report for the financial quarter and year-to-date ending 30 September 2007

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

Leave granted.

MR STANHOPE: I present to the Assembly the September quarter financial report for the territory. This report is required under section 26 of the Financial Management Act. At the end of September 2007 the net operating balance for the general government sector was a surplus of $169 million. The outcome for the September quarter year to date was $54 million higher than the budgeted surplus of $114 million. The result was mostly due to higher levels of conveyance revenue and stamp duty on shares and marketable securities and the receipt of higher levels of general rates during the September quarter.

The strong year-to-date general government performance reflects in part the ACT’s continuing strong economic performance, the territory’s full employment and continuing business confidence, the strong growth of 5.5 per cent in state final demand, the continuing strong growth in non-dwelling construction activity contributing to private investment activity, and the continued strength of the ACT housing market.

The September year-to-date result also clearly demonstrates the government’s ability to effectively manage its expenses while providing high-quality services to the community. The September quarter surplus has been achieved without reliance on land revenues and stock market movements. The achievement of surpluses ensures that the government has capacity to provide high-quality sustainability of services in

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