The Territory faces significant economic and financial headwinds, many of which were outlined to a public audience this morning from Under Treasurer Tim McManus.
The update outlined the Territory’s challenging financial situation, as well as an update on the fiscal and economic outlook for the years ahead, including the importance of boosting private sector investment to reduce reliance on public spending.
The Under Treasurer outlined the significant progress already made implementing some of the Government’s key election commitments aimed at growing the economy, supporting local business and bolstering confidence, including payroll tax reforms and the ³Ô¹ÏÍøÕ¾Grown Territory grants.
The presentation stepped out how Treasury was supporting Government to achieve its strategic priorities, and Treasury’s role in providing commercial, economic and financial management advice to support Government’s priority of rebuilding the economy.
Chief Minister Lia Finocchiaro provided an insight into how Government is working to improve lives of Territorians.
“After years of being talked at, Territorians want to be engaged with where we are at and what our plans are to rebuild the economy,” Mrs Finocchiaro said.
“We have already delivered our commitments to stimulate housing construction and lower payroll tax for small business so they can invest and grow jobs.
“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.”
Treasurer Bill Yan said the after years of ballooning public debt under the former Labor Government, private investment needs to be encouraged back into the Territory for our economy to rebuild.
“In just eight years, Labor took our debt from under $2bn to an eye watering $11 billion and if their spending trajectory continued, we faced the real risk of exceeding our debt ceiling of $15 billion,” Mr Yan said.
“From this point onwards, we need to ensure every dollar of public expenditure is put to good use, budget discipline is enforced, and we are a destination of choice for private investment once more.”
