Budget shows the NT government making a start to live within its means
The 2021-22 NT budget is better than originally predicted, but it remains at levels that leave you gasping for breath.
Opinion
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AS budgets go, the 2021-22 NT budget hardly sets the world on fire with its forced modest spending.
And there is good reason for that. The Territory is facing a $1.4bn deficit for the 2021-22 financial year while our net debt will finish somewhere around $9bn in 2021-22.
In the next four years, when the government heads to the polls, this figure will be well past $11bn.
Annual interest paid on this is close to $480m.
Yes it is better than originally predicted, but it remains at levels that have you gasping for breath.
How much Territorians will care about that only time will tell, but the facts are the NT government has to start living within its means and that’s what this budget starts to do.
The public service pay freeze was a good start, although it will be interesting to watch staffing numbers given the Chief Minister’s indication that staffing numbers do not matter as long as the heads of departments are not overspending their allocated wages budget.
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In the main, business is happy with this budget. There are no tax shocks. The hospitality industry got its voucher schemes, the construction industry is happy with the centrepiece of the budget, a $1.6bn in infrastructure investment, and critical worker shortages are being addressed.
The major negative is the removal of the first homebuyer stamp duty incentive which removes the incentive to build.
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