NT debt: GST improves forecast for budget blackhole

THE NT has fallen short of the government’s soaring deficit outlook for this year, as net debt sits at $3.8 billion compared to the $4.2 billion previously projected

NT Treasurer Nicole Manison has tabled her long-awaited Treasurer’s Annual Financial Report for 2018-2019 in parliament. Picture: Keri Megelus

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THE NT has fallen short of the government’s soaring deficit outlook for this year, as net debt sits at $3.8 billion compared to the $4.2 billion previously projected.

Treasurer Nicole Manison tabled her Department’s long-awaited Annual Financial Report for 2018-2019 in parliament last night, which showed the NT was slightly less in the red than it had expected.

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The government’s balance sheet revealed it’s deficit was $875 million, $388 million below the $1.3 billion which was projected during Budget Estimates in May.

The report also revealed its net debt was $3.8 billion, a $384 million shortfall of the expected $4.2 billion.

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But Treasury says the improved financial position is due to additional GST revenue from the Federal Government, taxation and mining royalty revenue.

The report said the NT is expected to receive $2763 million in GST revenue in 2019‑20, which is $38 million higher than the estimate of $2725 million for 2018‑19.

MORE TO COME.