Leader of the Opposition, Lia Finocchiaro, says Labor’s 2022-23 Budget reads more like a fairy tale than a fiscally responsible plan to drag the Territory’s economy out of $9 billion of debt and rein in reckless spending.
“This is a quitter’s budget. Michael Gunner quit the job and Labor’s budget quits on the Territory.
“Labor’s budget is an example of wishful thinking without substance. Fairy tales are lovely, but the fantasy presented by Labor serves as a warning to Territorians that Labor is not equipped to manage the finances or economy of the Northern Territory.
“Even Michael Gunner can’t stomach defending Labor’s budget, which shows:
- Territorians face the highest cost of living pressures, which is set to rise by 5.7 percent this year;
- Net debt has increased to $8.7 billion and is set to climb further, to $9.5 billion in 2024-25;
- There is an additional $1.1 billion added to the credit card this year compared with 2021-22;
- Territorians are paying $1 million per day in interest-only repayments;
- Debt per Territorian is now almost $36,000;
- Labor is spending $1.1 billion more than its revenue – a ratio no household budget could sustain;
- Population is decreasing, mining royalties are decreasing and there no royalties from onshore gas developments included in the budget whatsoever;
- Own source revenue is set to decrease by about $40 million this year, showing that Labor is not doing what needs to be done to grow the economy.
“Nation-leading inflation means Territorians will pay more for fuel, more for groceries, more for basic needs without getting anything extra.
“There was no mention of crime in the budget, or how Labor plans to tackle the highest levels of violence and alcohol-fuelled harm the Territory has seen since 2015. The Territory is only the ‘comeback capital’ if you are a criminal.
“What is increasing, is taxes on jobs, which is set to skyrocket by $36 million over the forward estimates and is a disincentive on employment.
“When Labor blows the budget, it is Territorians who suffer – like having the rug pulled out from under them over the solar rebate.
“Labor is celebrating a better-than expected fiscal outlook, when the only reason Labor’s budget position is slightly improved is because of a greater carve up of GST revenue from the Morrison Coalition Government – and Territorians spending more due to unsustainable levels of inflation.
“A record $9 billion debt is nothing to be celebrated. This represents around $36,000 debt for each Territorian. It is a dark stain on the Territory. Labor has crippled the NT and the impact of its economic mismanagement will punish Territorians for generations. “The departure of Michael Gunner is recognition that it is time for a change but, tragically for Territorians, it’s still the same old Labor. Territorians cannot trust that any member of the Labor team to right the ship,” said Mrs Finocchiaro.
ENDS