The Territory Labor Government is working to create a sustainable budget to ensure a brighter future for all Territorians.
In October 2018, Government appointed independent experts to assess the Territorys current fiscal position and develop a clear and informed strategy to return the NT budget to a sustainable position.
Their interim report which was released today highlights the hurt caused by unprecedented GST reductions of $500 million per annum, the tough economic times with the wind down of the INPEX construction project, and the increasing demand on Government services.
Combined, these mounting pressures are pushing the Territory budget to unsustainable levels and revision of the Governments fiscal strategy is needed.
The interim report highlights the need for government, the public sector and the broader community to work together to exercise expenditure restraint and implement significant whole of government reform to keep budget pressure under control.
This is an opportunity to modernise the public service, improve the way government operates to increase productivity and make sure every dollar counts. This work will build on the budget repair measures undertaken by the Territory Labor Government since 2017, including $800million in saving measures.
Territorians are invited to have their say on the interim report and contribute to priority actions, which will inform a final report to government in the lead up to the May 2019 budget.
