Chief Minister, Treasurer defend NT’s debt position, warn next Budget will be a ‘tough one’

CHIEF Minister Michael Gunner and Treasurer Nicole Manison have defended Government spending and debt levels, but warned of tough measures in the next Territory Budget after the August election

NT Treasurer Nicole Manison said the Northern Territory was facing an economic crisis but ‘we will rebound sooner’ than other parts of the country. Picture: Keri Megelus

CHIEF Minister Michael Gunner and Treasurer Nicole Manison have defended Government spending and debt levels and again warned of tough budget measures in the next Territory budget after the August election.

Mr Gunner denied he was afraid of telling Territorians the exact state of the Territory’s financial position.

With debt forecast to hurtle past $7 billion pre-coronavirus Mr Gunner said his government was doing everything it can to save Territory businesses and the jobs of workers.

The NT Government has released its quarterly financial report to the end of March 31. Chief Minister Michael Gunner and Treasurer Nicole Manison are providing a financial and general coronavirus update.

Posted by The NT News on Tuesday, 12 May 2020

He said the political critics of how his government is managing the information flow of the Territory’s budget position will have on-going opportunities to probe his and his Treasurer’s actions going forward.

He said he asked the Speaker of the Parliament to reconvene parliament in June for Budget appropriation questioning.

“There will be plenty of opportunity for other political parties to question what we are doing,” he said.

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Mr Gunner and Treasurer Manison warned Territorians that the next Territory Budget, which will be delivered after the August election, will be a tough one.

“We will get our end of year financial position at the end of July and we will be as upfront as we possibly can be before the Territory election,” he said.

“It’s Government’s position to recover down the track … there will be no spendathon.”

Ms Manison echoed Mr Gunner’s sentiments saying the Northern Territory is facing an economic crisis.

“We are also facing an economic crisis, we are safest place in the nation, we will rebound sooner and get our economy back on track,” she said.

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In releasing the government’s quarterly March report for 2020 Ms Manison said her government’s budget was on track, saying its fiscal deficit was $540 million — a “$247 million improvement on a pro rata basis”.

She warned that the budget position in the June quarter will be substantially different due to a drop in government revenue and stimulus spending.