Leader of the Opposition, Lia Finocchiaro, says the Chief Minister has shamelessly attempted to spin his 2020-21 Mid-Year Report as a positive, when it clearly shows the Territory’s net debt ballooning to $10.7 billion in 2024-25.
“The Chief Minister, who is also the Treasurer, has tried to spruik an almost $7 billion net debt in 2020-21 as a healthy financial position, because it’s $1 billion less than expected. That’s ludicrous. Debt is nearly four times higher since Michael Gunner became Chief Minister.
“He has overseen a $7 billion debt and is still steering the Territory to a $10.7 billion debt in 2024-25, while the NT’s net debt to revenue ratio will rise from 106% in 2021‑22 to 153% in 2024‑25. The Mid-Year Report also shows that there have been no savings from ‘policy decisions’.
“In 2019, the Chief Minister commissioned a taxpayer-funded ‘Plan for Budget Repair’ to help Labor rein in its reckless spending. Michael Gunner has thrown that report in the bin.
“A classic example of Michael Gunner’s fiscal mismanagement is his approach to the public sector pay freeze. Instead of following recommendations in the ‘Plan for Budget Repair’ of a $1,000 per annum wage increase for public servants, he is offering a $10,000 bogus bonus.
“Every Territorian loses from this bogus bonus. It costs roughly $100 million more than the $1,000 salary increase which means the Chief Minister is plunging the Territory’s finances even further into the red. It’s a four year pay freeze which means no wages growth – at a time when Darwin has the highest cost of living expenses compared with any other capital. In every way, this is a dud deal for the Territory.
“Under Labor, debt per Territorian will be almost $50,000. The NT is the worst performing economy in the nation for the twelfth consecutive quarter, no major mine has opened in the past 20 years – 17 years of those under Labor, and the Gunner Government has failed to deliver a single major project since it was elected in 2016. “Michael Gunner is making this up as he goes along, he has no commitment to budget repair, no commitment to secure futures for our public service and has shown through his actions that he is incapable of managing the Territory’s economy,” said Mrs Finocchiaro.
ENDS