Easing the cost of living for Territorians is a main focus of the Territory Labor Government’s 2023 Budget.
More than $200 million of savings relief will be made available to Territorians and families for their power, water and sewerage bills, back to school, sports and childcare costs, along with financial assistance for first homebuyers and small business owners.
Budget 2023 will see the Territory Government increase the community service obligation by $71.7 million over 2022-23 and 2023-24 to put downward pressure on utilities prices, providing a total of $161.3 million in community service obligation payments to the Power and Water Corporation and electricity retailers, including Jacana Energy.
The Territory Government is supporting households and small businesses to meet the costs of essential services by limiting increases to utility tariffs to below inflation. The Territory increased utility tariffs by only 2.7% in 2022-23 and will increase utility tariffs by the same level in 2023-24.
Over the 2022-23 to 2023-24 period, the Territory Government’s decision to adopt below-CPI tariff increases is expected to save households between $184 and $350 on electricity bills and a typical small business customer about $864. Households will also save around $168 on the average water and sewerage bill.
Child care costs will also be subsided by $5.5 million in Budget 2023, along with families being able to access the $6.1 million Sport Vouchers and Learn to Swim scheme, and the $6.9 million Back to School Payment Scheme.
Territorians buying their first home or undertaking an apprenticeship will be able to access the $10,000 first home buyers grant, and up to $1000 for the apprenticeship workwear and gear bonus.
Budget 2023 provides $40.6 million for the Northern Territory Concession and Northern Territory Seniors Recognition schemes, for more than 15,000 eligible Territorians accessing up to $3,492 in concessions to subsidise utilities costs, council rates, vehicle registrations and spectacles costs.
Budget 2023 continues the electric vehicle stamp duty concession of up to $1,500 on the first-time registration of new and second-hand battery electric vehicles and plug-in hybrid electric vehicles, effectively removing stamp duty up to the purchase cost of $50,000.
Quotes attributed to Chief Minister Natasha Fyles:
“Budget 2023 invests in our future and delivers for all Territorians.
“The Territory Government provides hundreds of dollars’ worth of savings each year for Territorians and their families, and Budget 2023 is no different.
“More than $200 million is allocated in this year’s budget to offer some cost of living reprieve to Territorians. This is why we have decided to allocate an extra $71.7 million towards power and water bills -to make them lower for Territorians.
“This Government’s main focus is making sure we support every Territorian and ease their cost of living.”
Quotes attributed to Treasurer Eva Lawler:
“Budget 2023 has something for everyone – delivering for all Territorians.
“Supporting Territorians and their families is front and centre, with households being able to save between $184 and $350 on electricity bills and a typical small business customer about $864.
“Savings are provided to families, seniors, homebuyers and individuals in areas including education and training; health; power and water bills; transport buying or owning a home and support for seniors, Territorians with a disability and carers.”
Northern Territory Government
