Page 140 - Week 01 - Wednesday, 11 February 2015

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video

the Government’s decision to implement the Asbestos Eradication Scheme, with the Scheme to impact the Budget by about $530 million over the forward estimates period; and

(g) that the Territory retains a AAA stable credit rating, and that this rating was reaffirmed by Standard & Poor’s in light of the announcement of the Asbestos Eradication Scheme; and

(2) calls on the Government to:

(a) maintain its commitment to supporting the ACT economy and community;

(b) maintain its commitment to rid the Territory of the legacy of loose-fill asbestos by continuing to implement the Asbestos Eradication Scheme; and

The amendment notes that the 2014-15 ACT budget and the government’s fiscal strategy remain focused on investing in our city—investing in our economy, our people and jobs.

The ACT government has taken a proactive approach to supporting the ACT economy and our community in light of the commonwealth contraction. This has included meeting a shortfall of $240 million in health funding that was cut by the federal government. The ACT government has taken an explicit decision to carry a short-term budget deficit in order to support the economy in our community at this time. We will continue to take a measured and responsible path to return the budget to balance in the longer term.

The fiscal position outlined in the budget review, of course, remains consistent with what was outlined in the 2014-15 budget: that the majority of the variation, as the shadow treasurer has acknowledged, is due to the decision of the government—indeed, this Assembly—to implement the asbestos eradication scheme, which has a significant impact on the territory budget, of around $530 million over the forward estimates period.

Missing from the shadow treasurer’s contribution was the point—I will make it, and I will continue to make it—that the territory retains a AAA stable credit rating. This leaves us, I think, only in partnership with Victoria, of all the Australian states and territories, as a state or territory with a AAA credit rating with a stable outlook. Everyone else amongst the states and territories has either been downgraded or is on a credit watch. This AAA stable credit rating was reaffirmed by Standard & Poor’s after the asbestos eradication scheme announcement and the impacts of that were known.

My amendment calls on the government to maintain our commitment to supporting the ACT economy and our community, to maintain our commitment to rid the territory of the legacy of loose-fill asbestos by continuing the asbestos eradication scheme and to maintain a commitment to a measured and responsible approach to returning the budget to balance.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . . PDF . . . . Video