Page 72 - Week 01 - Tuesday, 12 February 2019
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rating. While remaining in balance, the updates to the headline net operating balance since 2018-19 reflect movements in significant budget components which are largely outside the government’s direct control. This includes volatility in the market price for large-scale generation certificates brought about by the ongoing lack of certainty on commonwealth climate and energy policy, as well as weaker returns from share market investments following a period of global market uncertainty.
The Assembly should note that movement in market prices and returns does not affect the government’s capacity to deliver the services that we have promised in the short term; nor will we cut back services just to recover a potentially temporary change in forecast returns. We will, however, continue to monitor these developments in updating our fiscal and economic policies ahead of the 2019-20 budget. I commend the budget review to the Assembly.
Question resolved in the affirmative.
Inquiry into the methodology for determining rates and land tax for strata residences—government response
MR GENTLEMAN (Brindabella—Minister for the Environment and Heritage, Minister for Planning and Land Management, Minister for Police and Emergency Services and Minister assisting the Chief Minister on Advanced Technology and Space Industries) (3.28): Pursuant to standing order 211, I move:
That the Assembly take note of the following paper:
Public Accounts—Standing Committee—Report 4—Methodology for determining rates and land tax in strata residences—Government response.
MR BARR (Kurrajong—Chief Minister, Treasurer, Minister for Social Inclusion and Equality, Minister for Tourism and Special Events and Minister for Trade, Industry and Investment) (3.28): I am pleased to table today the government’s response to the report of the Standing Committee on Public Accounts inquiry into the methodology for determining rates and land tax for strata residences.
I would like to thank the committee for its work, as well as members of the community who took the time and effort to make submissions and participate in this process. The government followed this inquiry closely and has given due consideration to the committee’s report.
The change to the methodology for determining rates for strata residences was implemented to make the general rates system fairer and more equitable, as part of the government’s broader 20-year tax reform program which commenced in 2012. Under the tax reform program, general rates are increasing incrementally to offset the removal of inefficient taxes such as insurance duty, which has now been removed, and conveyance duty, which has been phased out—conveyance duty also being popularly known as stamp duty.
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