Chief Minister meets with Prime Minister to finalise second NT stimulus package

THE Gunner Government is overhauling its 2020-21 Budget in response to the coronavirus pandemic as it prepares to release a second economic stimulus package

Treasury is remodelling the 2020-21 Budget to address the potential economic impact of coronavirus

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THE Gunner Government is overhauling its 2020-21 Budget in response to the coronavirus pandemic as it prepares to release a second economic stimulus package.

Treasury sources have told the NT News that urgent work was under way to remodel the Budget to address the potential economic impact of coronavirus, which could be greater than that of the Global Financial Crisis.

Ongoing budget cabinet sittings have been held in parliament this month, with final agency estimates and budget papers produced on May 5.

The Territory is already carrying a $3.5 billion debt and, politically, the coronavirus hit to the Budget has come at the worst time possible for Labor ahead of the August election.

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Treasurer Nicole Manison said the areas most at risk included tourism, education and small to medium businesses.

Chief Minister Michael Gunner told the NT News his Government was “working round the clock” on a second economic stimulus package that it wanted to release as soon as possible. “How we respond to coronavirus is at the top of the agenda,” he said.

“I’ve told the Prime Minister we needed to see his stimulus response and how it helps the Territory so that we can act quickly to finalise our second package.”

Mr Gunner flew to Sydney to meet with Prime Minister Scott Morrison yesterday.

It comes after Mr Morrison announced a $17.6 billion economic stimulus package to help the Australian economy weather the impacts of the coronavirus outbreak.

The measures include giving 6.5 million welfare recipients and pensioners a $750 payment, and automatic grants for small and medium-sized businesses of between $2000 and $25,000.

The World Health Organisation officially declared coronavirus a pandemic yesterday.

NT Chamber of Commerce president Greg Ireland said after seeing the federal stimulus package, he believed the NT Government should target its own on helping local business.

This week, the Chief Minister’s office sent out a call to key stakeholders, including the chamber, to submit a list of potential projects/ideas to help the Territory economy bounce back from the virus.

“One of the things we asked the Government to consider was extending some sort of voucher system into the business community,” Mr Ireland said.

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“That way if you’re a business looking to get through this tough period and need help paying a bill or with promoting your business, there could be a voucher to help you do that.”

He said the chamber was urging the Government to bring forward as many shovel-ready projects as possible in the upcoming Budget.

“We all know the NT budget’s not in good shape, but I think some short-term pain in borrowings is worthwhile if it’s going to keep Territory business alive,” Mr Ireland said.