Page 1764 - Week 06 - Tuesday, 7 June 2016
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Finally, they failed to take responsibility for their failure to protect Canberrans from asbestos. It was the Territory Government that stepped in to remove, once and for all, loose-fill asbestos from Canberra’s homes.
All these factors hit the Territory’s finances very hard.
My Government has tackled these challenges by supporting the Canberra community and supporting our economy. We used our strong budget position to stimulate the economy, to support jobs and support growth.
This budget confirms that the Government’s fiscal strategy, and the budget outlook, remains firmly on track.
The General Government Sector Headline Net Operating Balance has improved every year since the Budget Review.
Consistent with last year’s budget, the Government is forecasting a return to balanced budgets in 2017-18 and 2018-19, with strong surpluses from 2019-20 onwards.
Our net debt remains at prudent levels, and we have kept a stable AAA credit rating—the strongest possible credit rating.
Taxation reform
The 2016-17 Budget completes the first five years of the ACT’s nation-leading tax reforms.
Our reforms are making taxes fairer, simpler and more efficient.
A stable revenue base will fund the high-quality government services Canberrans deserve and expect.
While we are transferring revenue from inefficient to efficient taxes, we are doing so without increasing the overall revenue take. The Territory remains a low-taxing jurisdiction. Taxation per capita is lower than the national average.
I am pleased to confirm that, consistent with our 2012 pledge, taxes on insurance will be abolished from 1 July this year.
As a result, a Canberra household paying a combined $3,000 per year in a range of insurance premiums—home content, comprehensive motor vehicle, building and the like—will save $300 each year.
A business with $10,000 of insurance premiums will save $1,000 per year.
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