When asked how he thought that this might have happened the ABC state parliamentary reporter said that it was most probably "creative bookkeeping", then explained that they re-valued some assets and, um, adjusted.
From the Brisbane Times:
Andrew Fraser on Thursday released the 2008/09 Economic Report and the 2008/09 Report on State Finances, showing the "carnage" of the global financial crisis.Technical additions?
While the state budget papers in June forecast a $574 million deficit, technical additions accounted for at the end of the financial year left the budget with a final surplus of $35 million.
Um, he was only $.54B out on his estimation. Would I be wrong in saying that he's not much of an accouning expert if he can get it so far out?
This is interesting, too...
Premier Anna Bligh told reporters she was pleased there had been a small turnaround, but it didn't change the government's need to sell assets.This from the ABC:
*Some of the related stories here are interesting, too.
Ad Splurge on asset sell-off plan 'madness'
Asset sales ads a 'political sham'
Queensland Government: 2008-09 Annual Economic Report
Oops, thanks Kaboom, I've fixed it to $.54B (I'd accidentally made it only million!).