26 Oct 2018
The 2017-18 Treasurer’s Annual Financial Report was tabled in Parliament yesterday showing an improved position on budget projections.
However, the Federal Government’s GST drops since 2016 mean Territorians are worse off by around $500m each and every year – which continues to put significant pressure on the budget.
These GST declines have made it even harder to help the many Territory famililies and businesses still doing it tough after four years of CLP chaos.
Times have never been tougher, but government’s priority is investing in jobs and making every dollar count given we are facing enormous fiscal challenges.
The Gunner Labor Government is revising its fiscal strategy to keep budget pressure under control and to build on the measures we have already taken to tackle our fiscal challenges including releasing a revenue discussion paper, announcing over $800 million in savings and efficiency measures, and introducing new own-source revenue measures.
The government will work with independent experts Mr John Langoulant and Ms Helen Silver to examine fiscal and productivity reforms that will help improve the budget position.
Importantly, Territorians will have an opportunity to have their say on this revised strategy.
An interim report will be released in December 2018, and at this time the community can have its say to the final report, that will be considered by government in the lead up to the May 2019 budget.
Media Contact – Hannah Farmer - 0428 497 154