After 18 years of Labor, Canberrans are being monumentally ripped off.
Despite record revenue, the ACT will soon be in debt by more than $3,000,000,000 ($3 billion). (Budget Paper 3, page 293)
For the amount the Government is spending and borrowing each year, Canberrans would expect a premium level of service. Instead, this government fails to deliver even the basics well.
Canberrans are paying more but getting less. It is nothing short of a rip off.
* Stamp duty will raise more in 2019-20 ($265 million) than it did when it was ‘abolished’ in 2011-12 ($239 million).
* Rates revenue will more than triple from 2011-12 ($209 million) to 2021-22 ($698 million).
* Commercial rates revenue in 2019-20 is up 6 per cent.
* Rates revenue from houses and rural properties is up 7 per cent.
* Unit titled rates revenue is up 11 per cent.
* Land taxes revenue has soared another 7 per cent.
* In 2007-08, the ACT Government paid interest of $60 million on its debt. That will more than quadruple to $248 million in 2020-21.
* The Territory’s fiscal deficit in 2019-20 will exceed one billion dollars for the first time: $1055 million. (Budget Paper 3: 394).