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Treasurer Rob Lucas says higher-than-expected payroll tax revenue, bequests to the Art Gallery of South Australia and proceeds from a legal dispute involving the Royal Adelaide Hospital are among the “windfalls” that have delivered a budget surplus of $289 million – nearly $50 million more than originally forecast.
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UPDATED | Treasurer Rob Lucas insists he will still be able to deliver “a modest surplus” in his next budget, despite conceding a dramatic $577 million write-down in Commonwealth GST revenues over the next four years which will send him scrambling for savings.
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It would be “impossible” to maintain a state budget surplus for the current financial year, Treasurer Rob Lucas says, but he’s still promising to hand down a budget in the black come September.
The state’s budget surplus is forecast to fall short of previously-expected targets across each of the next four years, according to a mid-year financial statement unveiled by Treasurer Tom Koutsantonis today.
UPDATED | Treasurer Scott Morrison is sticking to his promise of a budget surplus by mid-2021 and expects it will be almost $3 billion larger at $10.2 billion.
The ongoing stoush over the dormant new Royal Adelaide Hospital has almost single-handedly helped deliver Tom Koutsantonis a budget windfall $46 million higher than anticipated in July, with today’s Mid-Year Budget Review revising the 2016-17 surplus up to $300 million.
