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Legislative Assembly for the ACT: 2002 Week 7 Hansard (6 June) . . Page.. 2100 ..

Interest

(Question No 181)

Mr Humphries asked the Treasurer, upon notice, on 4 June 2002:

(1)What is the quantum of interest received collected in the ACT for the current financial year as at 31 March 2002?

(2) Is the quantum of interest received collected as at 31 March 2002 greater or less than the estimates prepared for the 2001 ACT Budget?

(3) What has been the trend in the receipt of interest received during the period between 1 October 2001 and 31 March 2002?

(4) How has this pattern receipt of interest received varied from the same period in the previous financial year?

(5) What has been the basis for any changes in the pattern of receipt of interest between this and the previous financial year?

Mr Quinlan: The answer to the member's question is as follows:

Please note: answers are written in respect of Consolidated Financial Statements for the General Government Sector

(1) The total amount of interest received in the ACT, as at 31 March 2002, was $63.3m. This included $15.5m in interest payments from the Public Trading Sector.

(2) The 2001 ACT Budget forecasted interest totalling $76.6m to be recognised as revenue during the 2001-02 financial year. As at 31 March 2002, revenue of $63.3m represented 83% of the original budget estimate (78% of the estimated outcome).

(3) Total interest revenue, as at 1 October 2001 was $21m. The average receipt, per month, during the period 1 October 2001 to 31 March 2002 was $7m.

(4)

Interest Revenue

Oct

Nov

Dec

Jan

Feb

Mar

$'000

$'000

$'000

$'000

$'000

$'000

2000-01

Month

8,919

6,223

12,690

10,565

6,047

8,119

YTD

32,747

38,970

51,660

62,225

68,272

76,392

% of Audited Outcome

34%

41%

54%

65%

71%

80%

2001-02

Month

8,194

2,856

10,393

2,228

12,574

6,024

YTD

29,223

32,080

42,472

44,700

57,274

63,297

% of Est Out

36%

40%

52%

55%

71%

78%

The table above shows the pattern of interest revenue to be consistent between the two years.

(5) The reduction in average collections for this financial year is largely due to a lower average collection of interest on loans provided to PTE agencies. The main contributor has been ACTEW, in regards to its interest payments on indexed Annuity Bonds. The Bonds are linked to CPI and with the introduction of the GST in 2000-01 CPI was at an abnormally high level. Now that CPI has returned to a normal level, interest payments are also returned to previous levels.

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