Supporting Territorians and creating local jobs remains the Territory Labor Governments number one priority amidst tough economic times.
Treasurer Nicole Manison today tabled the 2018-19 Mid-Year Report which is further evidence of the deep impact GST cuts are causing the Territory.
The massive reduction in GST has left the Territory $500 million worse off each and every year.
The Mid Year Report shows our deficit is expected to be $1.513 billion this financial year (up $299 million partly due to the timing of the Commonwealths $260million GST top-up payment, which was counted against last years budget).
This Government is also investing heavily in job-creating infrastructure to support a tough economy which was created by a chaotic four years of the CLP, including its failure to plan for the INPEX construction wind down.
To bring stability to the Territory budget, this government has started the heavy lifting by announcing over $800million in saving measures since 2017 and appointing an independent expert panel to examine fiscal and productivity reforms that will help improve the budget position.
This work is reflected in improved fiscal position over the forward estimates.
As noted by Treasurer Nicole Manison
The Territory Labor Governments number one priority is to create jobs for Territorians.
There is no doubt that challenging economic times are upon us, but we are a responsible Government that will continue to create local jobs and support families and businesses.
Unlike the CLP whose answer to budget pressure was to hike power prices and cut crucial frontline services we will continue to invest in our police, our nurses and our teachers, and we will keep power prices at CPI.
We will also continue investing in job creating infrastructure developments and supporting local tradies through a $100 million public housing stimulus because right now we know that Territorians need jobs.
The Mid Year Report continues to highlight the hurt caused by the Commonwealths annual $500 million cuts in GST thats why we are implementing over $800million in savings measures to ensure budget stability for Territorians and future governments.
We will also continue to fight for every GST cent we deserve.
The chaotic CLP knew times would be tough with the wind down of the INPEX construction, yet they failed to implement any plan to support the Territory and they continue to fail Territorians by accepting Commonwealth GST cuts.
