Page 1083 - Week 03 - Thursday, 21 March 2019
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other movements in non-financial assets $192 635 000 to $128 109 000, in the Net Acquisition of Non-Financial Assets for 2018-19 in relation to the consolidated total territory operating statement on page 142 in the Budget Review 2018-19.
Mr Barr: The answer to the member’s question is as follows:
(1) Adjustments made in the 2018-19 Budget Review to revenue from Large-scale Generation Certificates (LGCs) were primarily due to forward prices decreasing since the 2018-19 Budget, and also because of a reduction in the number of certificates expected to be generated by 30 June 2019. Forecast revenue to be received from the certificates each year is determined by prices for LGCs on the open market.
(2)
a. Estimated number of certificates - there has been a downwards adjustment in the estimated number of certificates to be generated by 30 June 2019 from around 2,900,000 to 2,700,000.
b. Value of certificates - the estimated revenue associated with the receipt of certificates in the 2018-19 Budget Review has been based on market prices as at 14 January 2019. The forward prices affecting 2018-19 forecast revenue dropped from around $80 per certificate at budget time to around $44 per certificate at the time of the budget review. The forward prices affecting 2019-20 forecast revenue dropped from around $48 per certificate at budget time to around $25 per certificate at budget review. Revaluing the existing and expected future holdings of certificates based on market price is consistent with previous practice and based on the recommended accounting treatment.
(3)
a) The basis of the major revisions to land revenue (net cash receipts) –$169,335,000 and b) the change in inventories: nil to $135,444,000 - are due to a change in the measurement of Net Acquisition of Non-Financial Assets to include Change in Inventories and to remove Land Revenue (Net Cash Receipts). This measurement was amended in the 2017-18 consolidated annual financial statements in accordance with the revised Australian Bureau of Statistics Government Finance Statistics Framework.
c) The basis of other movements in non-financial assets from $192,635,000 to $128,109,000 in the Net Acquisition of Non-Financial Assets for 2018-19 in relation to the consolidated total territory operating statement on page 142 in the Budget Review 2018-19 - the $64.5 million decrease in the 2018-19 Budget Review in Other Movements in Non-Financial Assets is mainly due to a reduction in the value of LGCs ($62.0 million decrease) which reflect market prices as at 14 January 2019.
Heritage—cultural awareness
(Question No 2286)
Mr Milligan asked the Minister for the Environment and Heritage, upon notice, on 15 February 2019:
(1) What weighting is given to the advice provided by Representative Aboriginal Organisations during a heritage assessment in relation to the proposed construction of a recreational bike track in Hall and powers of the ACT Heritage Council.
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