Leader of the Opposition, Lia Finocchiaro, says the latest credit outlook from ratings agency Moody’s shows the Gunner Labor Government is completely reliant on the Federal
Government to prop up the Territory’s ailing economy and has absolutely no hope of reigning in the $16 billion of net debt projected for 2029-30 in budget papers.
“Moody’s specifically states that Labor’s budget repair measures will likely “not be achieved”, meaning we could be facing net debt of $35 billion by the end of the decade.
“This is a damning assessment of Labor’s economic mismanagement and highlights its absolute failure in having anything that resembles a long-term plan to increase own source revenue and sever our reliance on the Commonwealth.
“As outlined by this report, the only way the Territory’s credit outlook can be upgraded is through diversifying revenue streams, and reversing its $8.4 billion dollar black hole.
“With the debt burden forecast to continue to rise until at least 2027, this is an absolute fantasy for Labor.
“The Territory has remained safe throughout COVID-19 but the Gunner Labor Government has continued to obliterate our economy and budget during the global pandemic.
“Labor spent $5,000 to rent a Christmas tree, $420,000 to move a bus between Smith Street and Cavanagh Street – and back again, $80,000 on a review of the bungled Cavenagh Street shade structure, $220,000 on a renewables targets report – made public with every single page redacted, and oversaw budget blow outs of $14 million on the Garramilla Blvd construction, and $7 million on the State Square underground carpark.
“It’s no wonder the Northern Territory has been crowned the nation’s worst performing economy for eight straight quarters. The hallmark of Labor’s economic management is debt and deficit disaster, while putting $6.7 million on the credit card, each day, just to keep the lights on. It’s ludicrous,” said Ms Finocchiaro.