Page 1679 - Week 06 - Tuesday, 3 June 2014
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The return to balance over the forward estimates reflects that spending in this budget is largely offset by savings and revenue initiatives over the next four years, and that operating cash surpluses are forecast throughout this period.
Canberrans expect and deserve quality services and quality infrastructure.
But these services and infrastructure must be delivered sustainably and responsibly.
To maintain a balanced budget over the long term the Government has offset nearly all new expenditure with savings, and made savings initiatives totalling $93.6 million over the forward estimates period.
Savings announced in previous budgets and in the mid-year review for this and future years will also continue.
The savings focus on improving the efficiency of service delivery across the Territory Government and in reducing administrative overlap.
There is a concerted push towards efficiencies obtained through the greater use of digital and online technology.
A number of savings feature an expenditure component that will fund strategic investments to meet our long-term goals.
The commitment the Government gives is that full-time equivalent staffing levels in the ACT Public Service will not fall below 2013-14 levels.
To fill the gap from lost Commonwealth funding and meet the cost of providing increased services some fees and taxes will rise.
The Government has sought to keep these increases to a minimum and has taken most of the impact of the Commonwealth cuts directly to the Budget bottom line.
Madam Speaker, reforms to make our tax system fairer, simpler and more efficient continue in this Budget.
Insurance tax will again be cut by one-third this year, and will be abolished entirely from 1 July 2016.
Stamp duty will be cut on every single property in Canberra, making buying a home in this city more affordable than ever.
The top rate of stamp duty that was slashed to 5.5 per cent last year from 7.25 will be further cut to 5.25 per cent for all properties—residential and commercial—valued at more than $1.455 million.
The new Over 60s Home Bonus will provide massive stamp duty cuts, with eligible buyers now paying only $20 in stamp duty, a saving of up to $20,500 for those eligible under this scheme.
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