Under Treasurer Tim McManus will deliver a keynote speech on the Territory’s economic outlook and challenges on Monday.
Territorians are encouraged to reserve their spot at this free public event as the CLP Government reveals the NT’s dire economic legacy after eight years of Labor.
Chief Minister Lia Finocchiaro said the Territory’s economic outlook was grim, however, the Under Treasurer would provide an update on the progress already made by implementing some of the Government’s key election commitments, including payroll tax reforms and the ³Ô¹ÏÍøÕ¾Grown Territory grants.
“The former Labor government has put the Territory in one of the worst financial positions in history with $9 billion of debt, but at the election, we were given a mandate to rebuild the economy and that’s exactly what we are working with Treasury to do,” she said.
“This $9 billion debt and $1.24 billion deficit isn’t just bad financial management-it’s a clear sign of a government that failed to plan responsibly for the future and is evidence of financial incompetence on a scale that’s hard to comprehend.
“It’s Territorians who will suffer for Labor’s reckless spending and despite receiving an increase in GST revenue, Labor still couldn’t balance the books.
“Even when more money was available, they squandered it through poor planning and uncontrolled spending.”
Treasurer Bill Yan said the Under Treasurer’s event was an opportunity to hear what those at the front line of government were doing to improve the lives of Territorians.
“For too long, Territorians have been kept in the dark about how their money is really being spent, and this event will set the record straight for all,” he said.
“Thanks to Labor’s reckless borrowing, interest expenses are up by $43 million. Instead of investing wisely, Labor left Territorians to bear the cost of unnecessary debt.
“Labor pumped billions into infrastructure and repairs, but their inability to manage those investments properly has left us with unfinished projects and wasted money. The Territory deserved better than this financial chaos.”
Mr McManus said the Department of Treasury and Finance was supporting Government to achieve its strategic priorities, in particular, rebuilding the Territory economy, and implementing election commitments.
“The Department of Treasury and Finance’s role is to ensure efficient and effective government service delivery, and we will further strengthen the role of the Department in the provision of commercial and economic analysis and policy advice to Government,” said Mr McManus.
The event will be held at the Darwin Convention Centre on Monday, October 28 from 8.45am for a 9am start, and tickets are free.
