Page 135 - Week 01 - Wednesday, 11 February 2015
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(b) the Territory’s deficit surpasses the deficit of all other jurisdictions except Western Australia, but on a per capita basis, is over four times that of Western Australia;
(c) the Territory will not reach the Government’s promised surplus until 2017-18, which it originally planned to achieve by 2015-16;
(d) during the period between the 2014-15 ACT Budget, and the recent Budget Review, the Government’s expenses have increased by approximately $467.8 million;
(e) during the period between the 2014-15 ACT Budget, and the recent Budget Review, the Government’s Net Debt has increased by approximately 29.5%;
(f) during the period between the 2014-15 ACT Budget, and the recent Budget Review, the Government’s Net Liabilities has increased by approximately 12.5%;
(g) the Government continues to slug Canberra residents and businesses with increased taxes, anticipating an increase of over $7 million in taxation revenue from the 2014-15 ACT Budget; and
(h) the Territory’s deficit for 2015-16 is approximately $250 million, which is $118 million worse than previously forecasted; and
(2) calls on the Government to detail the impact of the Budget Review on the ACT community.
It is interesting as we start the year that we have received the midyear review and what we find in the midyear review is that the announced deficit of $770 million is bigger than anything that has been seen in this territory since self-government. And we all know some of the reasons for that. But it is important to put it all in context. This is a deficit that is bigger than the deficit of any other jurisdiction in the entire country, other than WA. New South Wales, Victoria and the Northern Territory are all running surpluses. Queensland’s deficit is down to $64 million; South Australia’s is at $185 million; Tasmania’s is $285 million; and WA’s is $1.29 billion.
But it is also important to note that on a per capita basis the ACT’s deficit is four times that of WA. Indeed, if you take the Mr Fluffy expenditure out, we are still second only to WA. It is also important to note that if you discount superannuation adjustments like the other jurisdictions do, the ACT’s deficit could be $881 million. The deficit in the 2015-16 budget was forecast at $250 million. This is $118 million worse than previously forecast.
It is interesting to look at the man who is rapidly beginning to resemble Wayne Swan. I am referring to our Treasurer and now Chief Minister. When Mr Barr became Treasurer he inherited a budget surplus of $43.8 million from the 2011-12 financial year. When he delivered his first budget the deficit grew to $318.3 million and $362 million by the budget review. Going from a surplus of $43.8 million in 2011-12 to a deficit of $770 million in 2014-15 is a variance of about 1,700 per cent.
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