Page 2221 - Week 08 - Tuesday, 4 June 2013
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In particular, below average growth in residential and commercial activity has reduced taxation revenue.
While conveyance revenue has fallen significantly compared to the estimates contained in the 2012-13 Budget, the Government will not seek to recover this loss in revenue which has arisen partly because of lower activity in the property market.
Increases in residential general rates will be limited to that envisaged in the tax reform program.
Fiscal outlook
In this Budget the Government has maintained its commitment to return the Budget to balance, as planned, in 2015-16.
The operating deficit will be approximately $340 million in the current fiscal year, an improvement of $23 million from the Budget Review.
A deficit of $253.6 million is forecast for the 2013-14 financial year.
While an improvement on the 2012-13 outcome, the Government has decided to operate a slightly higher deficit than forecast in the Budget review because of falling revenues and decisions to invest now in new services and transformative infrastructure initiatives.
Ongoing fiscal restraint will see the deficit shrink to $100 million in 2014-15 before returning to a modest surplus in 2015-16 and a growing surplus thereafter.
Importantly, this budget continues the Government’s record infrastructure investment program.
This Budget funds an extra $272 million over four years in new capital works on top of the existing billion-dollar program.
The total infrastructure spend in the 2013-14 fiscal year is $775 million, with $598 million allocated for works in progress and $177 million for new works.
The ACT’s debt levels are proportionally the second lowest in Australia—behind only the resource rich state of Western Australia.
And we have a Triple-A stable credit rating, one of only two Australian jurisdictions to enjoy this highest possible rating.
Structural reforms for fiscal sustainability
This Budget contains structural reforms to make government more efficient.
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