Land and property sales have continued to bolster the ACT's budget as revenue from residential stamp duty helped to prop up the territory's tax revenue over the COVID lockdown.
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In the three months to September, the ACT collected more than $83 million in residential stamp duty. This was almost $17 million more than the budgeted amount, the ACT's September quarterly financial report showed.
Commercial stamp duty taxes also helped to boost the budget, with almost $40 million collected - $18 million more than budgeted.
The ACT government finished the first quarter of 2021-22 with a $371 million surplus in its headline net operating balance.
"The [headline net operating balance] is higher than the September year to date budget largely due to higher than forecast revenue with lower than expected expenses," the treasury report said.
However, the surplus is not expected to last as the ACT government has forecast that the budget will be in deficit until at least 2025.
The deficit for this financial year expected to blow out to almost $1 billion, based on budget forecasts.
But the tax revenue could likely give the budget a boost. Treasury papers said the surplus was attributed to a higher than anticipated revenue of more than $60 million.
"[This is due to] higher than expected own-source taxation revenue of $65.9 million largely due to stronger than expected property market activity, attributed to higher conveyance revenue in the small and large commercial sectors of the market," the treasury report said.
Expenses will blow out once the expense of the COVID response is taken into account. The quarterly report covered the lockdown period from August 12 to September 30.
The ACT Auditor-General's report into the territory's finances for 2020-21 noted the impact of land sales.
There was a net operating balance deficit of $658 million in 2020-21 in the ACT, however, when gains from investments and land sales were taken into account the territory had a surplus.
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"After adjusting for other economic impacts, mainly in relation to gains on investments and revenue relating to land sales, the territory made an operating surplus of $123 million in 2020-21 compared to the budgeted operating deficit of $409 million," the audit report said.
The Suburban Land Agency sold more than $130 million worth of commercial and industrial land in 2021.
The highest sale was for a mixed-use block in Gungahlin, which sold for $6.85 million. The block can have a maximum of 202 dwellings.
This was followed by the $5.6 million sale of an industrial block in Hume and $5.5 million for a multi-unit block in Taylor that can have a maximum of 51 dwellings.
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