Page 476 - Week 02 - Tuesday, 10 February 2009
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sector. There were not any GST payments as part of this package. In fact, we have lost considerable amounts of GST in the latest revised forecasts from the federal government. I think we have lost on average around $50 million a year in additional lost GST revenue.
The whole idea behind the stimulus package is to try to improve growth to, I think, around 1.5 per cent in the next year to try to keep our economy moving along. If those forecasts are reached, that will assist in the sense that we will get some GST revenue from that, but it will not be anywhere near what we have already lost. We have already lost around $80 million in GST revenue annually for the next few years.
Again, as this program is rolled out some of that finer detail may change. But we are just not in a position to provide you with that exact information. This is a project that will roll out over three years. I guess that, as the results and impacts of that become known through the way we all report, that information will be provided. But I cannot stand here and provide you with anything more than I have already provided.
MR SPEAKER: Supplementary question, Mr Doszpot?
MR DOSZPOT: Thank you, Mr Speaker. Treasurer, what modelling has the Treasury done on the impact of the stimulus package in the ACT with regard to GST and other sources? Will you table that advice?
MS GALLAGHER: The advice you would have got—well, I am not sure whether you or Mrs Dunne were in the briefing. I will wait for Mr Hanson and Mr Coe, who I do not think were at the briefing, either. Treasury has provided you with as much information as we have at our finger tips. This grant program was announced to COAG on Thursday.
Mrs Dunne: I raise a point of order, Mr Speaker. The question was a very direct one about whether modelling has been done.
MS GALLAGHER: And I am answering it, Mrs Dunne.
MR SPEAKER: There is no point of order. Please continue, Ms Gallagher.
MS GALLAGHER: Thank you, Mr Speaker. Again, I go back to the answer I provided to Mr Seselja’s question. This is about instilling confidence in the economy and supporting people who are already in jobs not losing their jobs. I know those opposite will say it is not going to do that. I feel very strongly that it will do what it is intended to do, which is to instil confidence, to improve spending and to maintain employment in the territory.
As the detail of this is worked through, Treasury will provide me with advice, but I am not sure it is the best use of Treasury’s time today, without all the information available to them, to do modelling on a package for which they do not have all the details.
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