What Foley didn’t highlight: Total revenue up $52m this year
Treasurer Kevin Foley’s concentration on declining GST revenues in the Mid-Year Budget Review is just another example of political spin.
“What Mr Foley didn’t highlight today was that total estimated revenue for this year has actually increased by $52 million in just three months since the Budget estimates,” Shadow Minister for Finance Rob Lucas said today.
10/11 MYBR est $15,138m
10/11 Budget est $15,086m
“Whilst it is true that estimated GST revenue has declined, this is swamped by increases in Commonwealth grants and other forms of State revenue such as dividends, interest earned and sales income,” he said.
“What the MYBR also shows is the State’s deficit this year has increased by $104 million from a $389 million deficit to $493 million deficit.
“The reason for the increased deficit is a further blowout in expenditure of $156 million this year in just the three months since the State Budget.
“As has been the case for eight years, Mr Foley continues to have a problem preventing blowouts in expenditure.
“The MYBR is just further evidence of a budget out of control.”
Mr Lucas said other items of interest in the MYBR include:
• Further increase of $8.9 million in the cost of the State Aquatic Centre;
• Extra Budget impact of over $5 million for Adelaide Living Beaches project;
• Cancellation of Port Adelaide Industrial Precinct Development;
• Treasury gets “let off” having to achieve $4 million in procurement efficiency savings; and,
• Department of Families and Communities not required to make up lost savings from the reversal of the Parks closure decision.