The CLP Government has identified $200 million in savings as it promises to rebuild the economy.
Treasurer Bill Yan said tough decisions were being made to ensure taxpayers’ money was put to the right priorities, and to help claw back Labor’s $9 billion debt.
“Prior to the election, we said we would identify $185 million in savings measures and reprioritisations to help fund our election commitments,” Mr Yan said.
“We have commenced this work and taken the decisions to pause the undergrounding of high-voltage powerlines running along corridors in Darwin, suspend negotiations with the NBL about a local franchise, and as result of that, defer the upgrade to the Darwin Convention Centre.”
These three measures alone will save the Territory close to $115 million over four years from 2024-25, plus there were unfunded obligations of up to $85 million more that were not on the books.
“That is $200 million we currently do not have, which would have been funded by debt,” added Mr Yan.
“The CLP Government is committed to living within its means and has already begun identifying areas where existing funding can be redirected towards higher priority initiatives.
“All three projects have their merits, and I’m sure there will be some Territorians who disagree with these decisions.
“However, had Labor not racked up $9 billion in debt in the past eight years, with little lasting legacy to show for it, we may be in a different position.”
Mr Yan said the Government had also put agencies on notice to curb international and interstate travel and reduce use of consultants.
“Our CLP Government has to make tough decisions because the status quo is simply not working,” he said.
“Our challenges are added to the legacy of the previous Lawler Labor Budget having us $11 billion in debt by the end of the current financial year, and on the path they put the Territory on, we will hit our debt ceiling of $15 billion in 2028-29.
“We will continue to deliver what we told Territorians we would prior to the election, and that includes implementing the Territory Coordinator to ensure we can secure and deliver major private sector projects once again.
“We took a clear plan to the recent election to reduce crime, rebuild our economy, and restore our lifestyle, and that’s what we’re doing.
“Already you have seen stronger laws to reduce crime, our ³Ô¹ÏÍøÕ¾ Grown Territory grants package giving people up to $50,000, and payroll tax relief for small businesses.”
