The Northern Territory Government has released the March Quarterly Financial Report, which shows the actual performance leading up to the COVID-19 pandemic.
The financial update – which captures nine months ending 31 March 2020 – shows that there was an improvement in the Government's 2019-20 actual position.
The update shows a fiscal deficit of $540 million – which is an improvement of $247 million.
However, the national and global impact of the coronavirus crisis – which is resulting in the biggest economic downturn in nearly 100 years – will mean the budget position in the June quarter will be substantially different.
This will be due to a dramatic drop in government revenue, which every government is experiencing, as well as the financial impact of the decisions the NT Government has taken to save lives and save jobs during this unprecedented crisis.
The Government makes no apologies for doing whatever it takes to protect Territorians during this once-in-a-century crisis. We would rather the Government take a hit, than a Territory business hit the wall, or a Territory worker hit the dole queue.
The Government today also announced funding certainty (which was needed by July 1st 2020) for a number of key government services and projects.
This includes:
· $11.79 million towards the development of an onshore gas industry in the Territory to progress the Strategic Regional Environmental Baseline Assessment (SREBA), which will be subsequently recouped through cost-recovery arrangements with industry, and continue implementation of the Hydraulic Fracturing recommendations;
· $3.6 million for the ongoing costs of the Office of the Independent Commissioner Against Corruption;
· $3.6 million for bushfire emergency response, preparedness and the establishment of the Office of Climate Change; and
· $3.9 million for ongoing costs for electronic monitoring.
Given the delay to the Federal Government's budget until later in the year, all state and territory governments have had to move their own budget dates. The next Northern Territory budget will be in November 2020.
To view the March quarterly report, click here.
As noted by Treasurer Nicole Manison:
"The March quarterly financial figures showed the government budget remained on track for the 2019/20 financial year until the COVID-19 global crisis emerged.
"In response to the COVID-19 pandemic Government took swift and decisive action to save lives and to save jobs.
"This has seen us lead the nation in response to COVID-19, and has allowed us to begin reopening before any other place in the country – meaning we will rebound sooner."
