Chief Minister and Treasurer Andrew Barr is set to deliver his fourth territory budget on Tuesday, with a promised focus on renewal of Canberra's suburbs.
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Already we know the budget will include a deficit of $407 million for the 2015-16 financial year, up from the estimated $250 million forecast in January.
He will deliver the budget speech to the Legislative Assembly at 3pm.
The deficit for this financial year has been revised down to $597 million, from $770.5 million projected at the time of the mid-year review in January.
Mr Barr has forecast a surplus of $50 million to be delivered in 2018-19, but recent predictions of surpluses have proved unreliable.
In 2011-12, Mr Barr said one of the government's "key financial objectives" was delivering a surplus and forecast a neutral position for 2013-14 with a $1.6 million surplus. A year later, that surplus figure was gone and replaced with a $130.2 million budget deficit. The outcome was eventually twice as bad, estimated at budget time last year as a deficit of $265.3 million.
The forecasts for 2015-16 have been equally unreliable. Two years ago, the budget was to be back in surplus by 2015-16 at $29.3 million. The latest forecast is for a $407 million deficit.
The promised surplus is pushed back year-by-year. Last year's budget forecast a surplus in 2017-18 at $77.5 million. On Sunday, Mr Barr said the surplus would be pushed back again, now to 2018-19 at $50 million.
- $1.3 million will be spent over four years to increase the operation of mobile speed cameras in the ACT.
- An across the board stamp duty cut, a rates increase for homeowners and the payroll tax threshold will be lifted from $1.8 million to $2 million.
- Insurance tax cuts are also planned, dropping from 4 per cent to 2 per cent on all premiums, including building and contents, motor vehicles and professional indemnity.
- $800,000 in funding will go to drug treatment and support services as part of the growing response to the scourge of ice.
- $11 million will go to the new Canberra Institute of Technology campus at Tuggeranong. About $2.6 million in additional funding will go to existing CIT campuses at Reid and Bruce.
- $7.75 million extra will be spent to clean up Canberra's suburbs, with more lawn mowing and tree pruning planned.
- A new public park on Lake Burley Griffin's west basin will cost $10.1 million and be completed sometime in 2016
- The Capital Metro Agency will get $51.8 million to fund its operations for the next four years.
- About $40 million will be spent on more hospital beds for the ACT.
- $14.7 million will be spent on upgrades for the ACT's emergency radio communications network.
- Canberra's Legal Aid Commission will receive an extra $867,000 in funding.
- $250,000 will go to a new street art and graffiti management policy for Canberra.
- $1.2 million will be allocated to fund conversion works to the old fire station in Greenway, creating a new ambulance station.
- $11.75 million will be spent to support the ACT government's new business development strategy.
- $24.6 million will be allocated for duplication of Ashley Drive, Tuggeranong, from Erindale Drive to Ellerston Avenue.
- Belconnen High School will get $17.6 million for a facelift to its 40-year-old buildings.
- Parking fees, charges for drivers of cars, trucks, motorbikes and trailer registrations will all rise by up to 6 per cent.
The Canberra Times will bring you all the details of the ACT 2015-16 budget online from 3pm on Tuesday and in our Wednesday print edition.
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