Page 1783 - Week 06 - Wednesday, 8 June 2016

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(j) rates increasing are moderating in the 2016-17 Budget due to Stage 1 of taxation reform concluding in this Budget;

(k) insurance duty will be abolished on 1 July 2016;

(l) commercial stamp duty will be abolished for property transactions valued under $1.5 million from 1 July 2018;

(m) by the end of the second stage of taxation reform in 2021-22 stamp duty will be halved for the buyer of a $500 000 home;

(n) the Government has increased the payroll tax threshold to $2 million, ensuring the ACT has the lowest payroll tax rates in Australia for businesses with a payroll of up to $5.6 million, exempting up to 200 local businesses from payroll tax and giving a $34 250 a year tax cut to businesses with a payroll of more than $2 million; and

(o) the 2016-17 ACT Budget funds the first stage of the city-wide light rail network while delivering balanced budgets and budget surpluses, and that the cost of the first stage will be less than 1 per cent of the Budget; and

(2) calls on the Government to continue:

(a) supporting the Canberra economy and encouraging growth;

(b) supporting local businesses to grow and create jobs;

(d) taxation reform to make taxes fairer, simpler and more efficient;

(e) providing funding for the world-class services Canberrans deserve and expect, particularly in education and health;

(f) delivering the municipal services Canberrans deserve and expect; and

(g) to support vulnerable Canberrans, particularly Canberrans experiencing family violence.”.

As the amendment I have circulated makes clear, the 2016-17 territory budget delivers for Canberrans today and secures an even better future for our city. The 2016-17 budget charts a clear path to surplus. The headline net operating balance in the 2015-16 fiscal year has more than halved since the budget review. There will be a deficit of around $95 million in 2016-17 before the budget returns to balance in 2017-18 and 2018-19, with a strong surplus in 2019-20.

This government’s responsible economic management during the first part of this century, when we ran strong surpluses, gave the government the capacity to respond effectively to a range of external shocks, such as the deep cuts to this city by the federal Liberal government and the need to rid Canberra of the legacy of loose-fill asbestos.

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