Page 2874 - Week 10 - Tuesday, 13 August 2013
and significant changes can occur during the audit of agencies and the territory financial statements.
The interim headline net operating balance for the general government sector was a deficit of $288.7 million. This represents a $51.1 million improvement from the 2012-13 estimated outcome deficit of $339.8 million. The improvement has been largely impacted by increased revenues, including the early receipt of payments from the commonwealth for national partnerships such as the Majura parkway and trade training centres in schools, as well as higher than forecast national health care specific purpose payments, the recognition of cross-border health revenue related to prior years activity, and a larger than anticipated financial investment dividend from the superannuation provision account.
Improvements in revenue were partially offset by an increase in expenses, including higher employee expenses mainly associated with additional staff for the DisabilityCare task force and increased workers compensation premiums, and an increased depreciation due to the acceleration of depreciation associated with the refurbishment works at the old women and children’s hospital, the Tuggeranong community health centre, level 5 building 1 at Canberra Hospital, and the old psychiatric services unit.
The general government sector balance sheet remains strong, with key indicators such as net financial liabilities and net worth improving, mainly as the result of higher funds held under investment and the revaluation of assets in the Economic Development Directorate. Net debt increased as a result of borrowings undertaken, as budgeted in support of the territory’s infrastructure program.
The ACT economy grew by 3.8 per cent year-on-year in original terms in the March quarter 2013, driven mainly by consumption, with public consumption providing the greatest contribution, reflecting a moderation of growth since 2011-12. Employment growth in 2012-13 was 1.7 per cent, higher than the 2013-14 budget forecast. Together with the lowest unemployment rate in the country, the ACT’s labour market performance was amongst the strongest in the nation. I commend the June quarterly report to the Assembly.
Mr Corbell presented the following papers:
ACT Criminal Justice—Statistical Profile—June 2013 quarter.
Subordinate legislation (including explanatory statements unless otherwise stated)
Legislation Act, pursuant to section 64—
ACT Teacher Quality Institute Act and Financial Management Act—
ACT Teacher Quality Institute Board Appointment 2013 (No 1)—Disallowable Instrument DI2013-206 (LR, 1 August 2013).
ACT Teacher Quality Institute Board Appointment 2013 (No 2)—Disallowable Instrument DI2013-207 (LR, 1 August 2013).