The headline net operating balance in the December quarter was a deficit of $218.8 million, lower than the forecast year-to-date budget deficit of $464.3 million.

Chief Minister and Treasurer Andrew Barr on Thursday told the Legislative Assembly total government revenues were $230 million better than forecast.

He said there was reason to be cautiously optimistic about the year ahead, given strong retail trade figures and credit card spending data in the ACT alongside a growing household savings rate.

Mr Barr said the government would continue economic stimulus programs where needed, and "create and shape markets to encourage job creation in emerging industries".

"We aren't afraid to invest public finances to avoid the harsh realities of recessionary environments can have on the economic prospects of young people and women," he said.

"By investing today to support the economy, we are avoiding an even bigger loss of economic output and jobs that would damage our economy and community for years to come, which would put a larger ongoing strain on our budget."

The consolidated financial report for the ACT, tabled in the Legislative Assembly on Thursday, said higher than expected Commonwealth grants of $134 million, along with own-source taxation revenue of $86.2 million.

The ACT's taxation revenue came from "stronger expected property activity and prices, combined with higher payroll tax and general rates".

The ACT government finished the first quarter of 2021-22 with a $371 million surplus in its headline net operating balance, but it was never expected to last with budget deficits forecast until at least 2025. The deficit for this financial year is expected to blow out to almost $1 billion.

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Mr Barr said governments needed to be bold and take on more risks in an effort to drive up aggregate demand.

"While the Canberra Liberals flip between regurgitating their reflex conservative political lines against public spending and debt on some days whilst calling for more government intervention and assistance on others, we're getting on with building solid economic foundations for the territory to reach our target of 250,000 jobs by 2025 and continue the strong and sustainable economic diversification of our economy," Mr Barr said.

The ACT Business Minister, Tara Cheyne, on Tuesday accused the opposition of erroneously framing economic data to suggest territory businesses are facing dire conditions, when the local economy had actually responded strongly after the spring lockdown.

Ms Cheyne said in the Legislative Assembly the misuse of data was unbecoming of Leanne Castley, who moved a motion calling on the ACT government to reconsider its business recovery plan in light of the Omicron wave of COVID-19.

Ms Castley told an earlier press conference the business recovery touted by the ACT government had failed to eventuate, and the government needed a better plan to support business.

"What we're hearing from businesses is that they don't want more financial handouts. They just want to get back to business," Ms Castley said.

Ms Castley said the lunchtime rush in the city was no more and people needed to get out and buy their lunch and coffees, but she stopped short of calling for ACT public service workers to return to the office.

The opposition spokeswoman also sidestepped a question of whether businesses needed to take responsibility for their fortunes, saying they had done enough to adapt to changing circumstances.

"I think businesses have done an amazing job of pivoting, which is the fun term of the time. The business community have done everything they've needed. They've responded to health restrictions, they've responded to QR codes, masks, sitting down," Ms Castley said.

Ms Cheyne moved an amendment to completely rewrite Ms Castley's motion on Tuesday. The amended motion noted the growth in retail trade figures in the ACT resulting in a record-high year in 2021.

The amended motion also noted retail trade turnover had grown in the ACT by 19.2 per cent in the month of November 2021, reaching $616 million - the highest monthly level since the Australian Bureau of Statistics began records.

The government also pointed to figures which showed retail sales in the ACT grew in the December quarter by 12.4 per cent, with spending in discretionary industries - such as restaurants and cafes - ahead of the national average.

In the previous quarter, land and property sales gave another boost the ACT budget budget line, while revenue from residential stamp duty helped prop up the territory's tax revenue over the COVID-19 lockdown.

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. That figure was $18 million more than budgeted.

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