Today the Northern Territory Parliament passed Budget 2023, which invests in our future and delivers for all Territorians.
Budget 2023 broadens our investments in new industries and jobs, addresses cost of living pressures, strengthens essential services, tackles complex social challenges and protects our great Territory lifestyle.
Budget 2023 is made for a Territory on an upward growth trajectory. It is not only focused on the coming financial year, it invests in the future of all Territorians and ensures our children and young people will be well-equipped for the Territory of the future.
The Territory’s economy is getting stronger year on year, and Budget 2023 ensures all Territorians will benefit.
For the first time since the 2016 Budget, the Territory is projecting a fiscal balance surplus of $67 million within the three-year forward estimates period.
This will meet government’s key objective of returning the budget to balance, two years ahead of the Fiscal Strategy panel’s 2028-29 target.
Budget 2023 also expects a net operating surplus from 2024-25 onwards.
The Territory’s state final demand has grown by 18% since 2019, significantly higher than any other Australian jurisdiction.
Unemployment is currently at a low 3.6% and employment in the Territory is at a record high of 143,600, surpassing the levels seen at the peak of the construction of the Ichthys LNG plant.
The Territory’s bottom line is significantly stronger thanks to an increase in own-source revenue, GST collection, strategic investment and the continuation of the Government’s Budget repair Strategy.
