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Legislative Assembly for the ACT: 2002 Week 8 Hansard (25 June) . . Page.. 2209 ..
indexed base funding of $165,000 per annum to address significant increases in workload.
Capital works
Mr Speaker, let me turn briefly to the 2002-03 capital works program. This budget contains a capital works program to the value of $91.2 million, with $56 million of that to be spent in 2002-03. This program is both responsible and manageable in light of last year's drive to commit every available cent.The gross capital expenditure for 2002-03 is expected to be $141.4 million when planned work in progress and underachievement in 2001-02 are taken into account.
This new works program will maintain investment in making the city attractive and the standard of our facilities high. It will also invest in providing much needed new facilities.
The program provides $735,000 for the arts, the majority of which will be spent on the maintenance of our arts facilities. The Supreme Court building will undergo disabled access works of $1.4 million. The traffic congestion and road safety improvement program will continue, with $34.4 million to be spent in 2002-03.
In relation to new facilities, the budget provides for two new schools, a new Woden police station and a $50 million planning provision for a much needed new remand facility.
Superannuation
Mr Speaker, I turn now to superannuation. One of the key financial principles of this government's fiscal strategy is adequate provision for long-term liabilities. The budget provides for additional cash over and above that set aside in previous budgets.An additional $18.8 million will be provided in 2002-03, rising to an additional $25.4 million in 2005-06. Mr Speaker, this provides for two things. The first is the increase in the liability that was not included in previous budgets, on the assumption that the PSS scheme would be closed to new entrants. The second is the supplementation of funds due to poor investment return in 2001-02.
This continues the strategy of having 90 per cent of the territory's superannuation liabilities funded by the year 2039-40.
Taxation and revenue changes
Mr Speaker, in formulating the budget, the government quite sensibly examined its current tax base, the general share and capacity of various sectors to contribute to government revenue as well as forecast economic indicators affecting future revenue collections. The revenue initiatives announced in this budget will assist the government to maintain the revenue capacity to continue funding essential services and new spending initiatives, while maintaining a competitive tax system in the ACT.
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