Page 2597 - Week 08 - Thursday, 14 August 2014
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This report represents the interim outcome for the territory, so there is a degree of caution as it is unaudited and significant changes can occur once the audits of individual agencies as well as the total territory financial statements are underway. Nevertheless, it is a pleasing outcome, and the improvement is largely due to an increase in revenue, including and most particularly driven by higher than expected sales of goods and services, driven particularly by higher cross-border health receipts; and increased commonwealth grants revenue. The increase in revenue was partially offset by lower than expected contributed assets transferred at fair value from the LDA and private developers, and we also experienced a decrease in taxation revenue.
I am also pleased to advise the Assembly that lower than anticipated total expenditure in 2013-14 has assisted the interim outcome. This has come about as a result of lower than budgeted expenditure from the Treasurer’s advance and a delay in expending funds associated with some capital projects due to unfavourable weather conditions.
The GGS balance sheet remains strong. As forecast, key indicators such as net debt and net financial liabilities have increased, although somewhat less than what was anticipated, as a result of additional borrowings undertaken in support of the territory’s infrastructure program as well as an increase in the territory’s superannuation liability.
It is pleasing to see that in spite of the commonwealth government cuts to employment, the rest of the territory economy is still contributing to employment growth, and that in 2013-14 the rest of the economy was able to grow employment by 0.6 per cent. This is in line with our budget forecast. This is lower employment growth than we have experienced in the past because the commonwealth are cutting jobs, but we are in the enviable position of having the lowest unemployment rate in the country and the second-highest participation rate.
The latest national accounts subdued gross state product growth driven by a moderation in economic activity, again due to the commonwealth government, but we are seeing contained local price growth. We have seen that both in terms of very low CPI and low WPI.
I am pleased to be able to commend this June quarter 2014 report to the Assembly. We look forward obviously to the completion of the full audited reports, but a near $70 million improvement is, indeed, a good outcome for the territory.
Paper
Mr Rattenbury presented the following paper:
Human Rights Act and Human Rights Commission Act, pursuant to subsection 41(2) and subsection 87(2) respectively—Human Rights Audit on the Conditions of Detention of Women at the Alexander Maconochie Centre—A Report by the ACT Human Rights and Discrimination Commissioner—Government response—Corrigendum.
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