Page 63 - Week 01 - Tuesday, 9 February 2016
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pleased to advise the Assembly that the budget review confirms that the government is on track to deliver its fiscal strategy. We are supporting the territory’s economy in the short term, we are returning the budget to balance over the medium term and we are investing in infrastructure to support the territory’s long-run growth and prosperity. The delivery of this review is a strong performance. Rather than cutting services that many people in our community rely upon, the ACT government is managing the economy carefully in the short term whilst returning the budget to balance over the medium term.
The investments that the government announced in the 2015-16 budget continue to progress. The total cost of services provided by the ACT government will amount to $5.1 billion in 2015-16. In addition, the government will invest $760 million in new infrastructure. These investments will provide stability and will boost employment in this challenging economic climate.
By investing in major infrastructure projects such as the Majura Parkway, a new public hospital, new schools and a light rail network, the government is creating more jobs for Canberrans and improving the territory’s productivity. These projects attract investment from outside the territory, diversify our economy and reduce our reliance on jobs and activity created by the commonwealth public service.
The 2015-16 budget focused on the themes of health and education; economic growth and diversification; suburban renewal and transport; and liveability and social inclusion. We see the effects of the government’s investments in the quality of our schools, our hospitals, our roads, and our parks and reserves every single day.
Perhaps less visible, but just as important, are the services delivered daily across the territory, ranging from helping those in need of domestic violence support services, to addressing homelessness, to providing coordinated and connected transport networks, to promoting innovation in local businesses and helping them thrive by making it easier to do business in Canberra.
The government’s asbestos eradication scheme continues to work towards eradication of the ongoing risk of asbestos exposure through the demolition of affected properties. As at 14 December last year, the task force had worked with home owners to secure the purchase of 964 properties as part of the voluntary buyback scheme and 54 properties have already been demolished.
The scheme has, as members are aware, come at significant cost to the territory’s general government sector headline net operating balance, reducing it by $358.6 million in the 2014-15 fiscal year. However, and as I have noted on numerous occasions, the financial impact of the scheme of course reduces as affected blocks are remediated and sold.
Overall, the financial position of the 2015 budget review remains broadly consistent with that of the 2015-16 budget. Excluding the impact of the asbestos eradication scheme, the revised general government sector headline net operating balance is estimated to be a deficit of $396.2 million in 2015-16.
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