Page 3046 - Week 11 - Tuesday, 11 September 1990
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higher than budgeted interest receipts, and unexpected revenue from share transactions conducted in the ACT doubled the budget estimate from marketable securities duty.
In the event, after providing for known carryover commitments into 1990-91, a surplus of $23.9m resulted. But I stress, Mr Speaker, that the major sources of this surplus were one-time events. The additional revenues and expenditure savings will not apply again in 1990-91. The one-time surplus is to be allocated to future costs of the hospital redevelopment project, as it accelerates, so reducing future borrowing needs. It will not be frittered away by delaying the inevitable restructuring of ACT finances.
Earlier this year I outlined the Alliance Government's budget strategy. I emphasised the linkages between the economic environment and our budget and the need to shift from dependence on the Commonwealth Government as our major employment base to reliance on a stronger, more diverse, private sector. I indicated a firm commitment to using the transitional funding period set by the Commonwealth to position the ACT to the best advantage prior to the full State-type funding arrangements being imposed by the Commonwealth. I set out four goals for establishing a fair and responsible approach to financial management. These were: to promote the development of the private sector; to produce a balanced recurrent budget; to minimise borrowings; and to make better use of the Territory's existing capital base. These goals remain the basis of this budget, and, as I proceed, our success in meeting them will become evident.
Since my budget strategy statement in March, all Australian governments have embraced the urgency of the micro-economic reform task essential for the health of the Australian economy, and the ACT Government will play its part, both as part of the national agenda and in its actions within the Australian Capital Territory. I will be participating in the special Premiers Conference in late October which will deal with a range of micro-economic reform issues. Harmonisation of a host of government regulatory concerns, from food labelling to non-bank financial institutions, will be actively sought. Reforms to Commonwealth-State financial relations, so that States and Territories themselves raise far more of the funds they spend in a manner consistent with the Commonwealth's national economic responsibilities, will be promoted by State and Territory governments. And efforts will be made to end duplication of functions, with transfers of some functions to the Commonwealth, others to the States and Territories. Certainly, the time has passed for detailed Commonwealth administration of locally based services, even where a national policy framework is appropriate.
Within the ACT, we will also be taking action to promote economic development. One considerable step that the
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