- The Treasury and Finance Report shows an overall fiscal balance improvement of $1.13 billion to the 2020/21 budget
- The NT’s net debt is $6.7 billion, compared with the budget estimate of $8.4 billion
- The $746 million variation in the non-financial public sector’s fiscal balance outcome for 2020/21 since the 2020/21 revised budget includes $589 million in agency-related variations and timing variations
- There was only $1 million additional reported taxation and mining royalties
- The report outlines $0 in savings from policy changes
- Labor overspent credit card to the tune of $833 million
Leader of the Opposition, Lia Finocchiaro, says the Gunner Government is completely delusional if it’s trying to spin this report as a positive.
“Even the Chief Minister can’t stomach the numbers, leaving his Deputy – who was stripped of the Treasury portfolio for being the worst-performing Treasurer in the Territory’s history to deliver the bad news.
“The Gunner Labor Government has made absolutely no policy improvements to deliver this better-than-projected budget position. Labor is fudging the numbers in a desperate attempt to appear as if there have been budgetary savings.
“The reality is, the ‘savings’ are down to more GST money from the Commonwealth and Labor kicking almost $400 million of projects down the road. That means the Territory’s construction industry is missing out on up to $400 million worth of projects and jobs this year.
“The report states that had Labor not decided to payout $35 million to teenage criminals in Don Dale, the government would have recorded a positive policy position. Basically, the Territory’s bottom line would have been $35 million better off if Labor had put the rights of victims above the rights of offenders.
“The $1 million in additional mining royalties and taxation proves the government has completely dropped the ball on the mining industry. Labor’s hybrid mining tax is a disincentive for mining operators to invest in the here in the Territory. A CLP government would scrap the complicated hybrid royalty system and move to a less complicated ad valorem mining tax model.
“Mining royalties represent the single biggest potential for own-source revenue and yet Labor’s mountains of red tape and regulatory barriers means an entire industry is discouraged from investing in the Territory.
“Labor has spent $833 million more than the Territory earns, no business or household could survive like that,” said Mrs Finocchiaro.
ENDS