Page 1421 - Week 08 - Tuesday, 26 September 1989
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I am also pleased to announce that electricity concessions will rise in line with the increase in electricity tariffs. As well, the Government has decided to carry out a review of current concessions policies for incorporation in 1990-91 budget considerations. This will involve a significant measure of consultation and discussion with interested parties.
The changes I have described amount to an additional $2.3m in the recurrent budget and $350,000 in the capital budget as set out in the initial statement. The Government has been able to fund these changes and still retain a balanced recurrent budget.
Since the initial budget statement in July, the financial outcome for 1988-89 has been finalised and the Commonwealth budget has been brought down. Changes to estimates in light of this additional information have resulted in a net improvement in the recurrent budget of $1m.
In the recurrent budget there will be an estimated additional $1m in interest earnings, in part the result of investing additional cash balances now available because the ACT has started issuing its own cheques, and in part due to continuing high interest rates. The combination of these factors and other smaller variations is that a balanced recurrent budget has been achieved, in line with the Government's strategy.
Mr Speaker, with regard to the capital budget, copies of the report of the Standing Committee on Planning, Development and Infrastructure concerning the 1989-90 new capital works program for budget dependent agencies have been made available to members of the Assembly. There have been no major changes recommended to the program.
The Government is still committed to an increase of more than 10 per cent in overall public sector construction spending this year, as set out in the initial statement. This will contribute significantly to ACT economic activity and development. At the same time the capital works program significantly reduces forward expenditure commitments from $134m at 1 July 1989 to $107m at 1 July 1990.
I will be responding separately to the committee report in the Assembly. I can now announce, however, that as a result of the committee's report the Government has decided not to continue with its proposal to tie some new capital works for educational facilities to the receipt of revenue from the disposal of surplus schools. Thus the gymnasium at Alfred Deakin High School and the additional parking at the Watson TAFE campus will go ahead with no strings attached.
In conclusion, I stress that this budget demonstrates the Government's commitment to the principles of social justice while at the same time exercising responsible financial
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