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Article: AUSTRALIAN STATE OF VICTORIA'S BUDGET SURPLUS STUNS PUNDITS.
- Article from:
- AsiaPulse News
- Article date:
- October 13, 2004
CopyrightCOPYRIGHT 2004 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELBOURNE, Oct 13 Asia Pulse - Victoria's budget surplus for 2003/04 was A$990 million (US$721 million), almost four times the original budget estimate of A$245 million, according to a financial report tabled in the state parliament today.
The result was also more than double the revised estimate of A$432 million published in this year's budget.
The 2003/04 Financial Report attributed the results to strong equity market returns on state superannuation funds assets.
As well, taxation revenue came in at A$10.2 billion, A$562 million higher than estimated.
That outcome was driven by stamp duty and mortgage duty which exceeded the budget ...