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Legislative Assembly for the ACT: 2004 Week 05 Hansard (Tuesday, 4 May 2004) . . Page.. 1748 ..

dialysis satellite on the northside, to mention just a few. Funding of $8 million is provided for the dragway.

This program also includes significant funding for forward design projects to allow a number of other significant projects to be completed to design stage, such as the Gungahlin East primary school and preschool, Majura Parkway and the Harrison district playing fields and pavilion.

Other projects have been augmented, such as the extension of Quamby, Birrigai, Kippax library, the ANU medical school, and the psychiatric secure unit at the Canberra Hospital.

Mr Speaker, the traffic congestion and road safety program continues with a total of $27 million committed in 2004-05, with Morshead Drive from Pialligo to the airport and the Fairbairn Avenue upgrade to be completed in the budget year.

Revenue

Mr Speaker, this budget contains no new taxes.

The increase in taxation revenue expected for 2004-05 is primarily due to economic growth that in turn is partially offset by a reduction in conveyancing revenue, following a return to stability in the property market.

Residential conveyancing transactions in 2003-04 decreased in comparison with the high level experienced in 2002-03. Residential transactions are expected to further reduce in 2004-05; however, an increase is reflected in the estimates for 2005-06.

Mr Speaker, the total revenue from rates will be limited to that received last year, increased by 2.7 per cent reflecting CPI. Some minor changes will, however, be made.

The rate-free threshold applying to all rateable properties will be increased from the historical $19,000 to $21,500 in recognition of the underlying increase in property values.

The fixed charge element will increase by $10, or CPI, to $330. This will reduce, a little, the volatility associated with fluctuating property values.

Finally, the maximum limit of the pensioner concession rebate will be increased from $250 to $305 for pensioners who have entered the scheme since 1997.

These changes will enhance equity and provide relief from the rate burden where it is most needed.

And, as I have already discussed, this budget introduces changes to stamp duty and the land tax system and we expect to achieve very positive results.

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