Gambling on the NT’s future

LABOR has taken a massive punt on what the future looks like because they have loaded up this generation of Territorians, and the next, with a mountain of debt

LABOR has taken a massive punt on what the future looks like because they have loaded up this generation of Territorians, and the next, with a mountain of debt.

They must have something big up their sleeve in the next two years because $1.3 billion is a massive deficit, population is predicted to fall and it’s a long road to surplus. And a major problem with that road is Treasurer Nicole Manison didn’t seem to share what the road to recovery is. Saying ”trust us” doesn’t really cut it.

This might be, in Ms Manison’s words, “a Budget for optimists, not pessimists”, but here in the Territory we are realists and we know everything comes at a price that at some point it has to be repaid.

In their defence, Labor has been dealt a tough hand for their first Budget.

It might be that Ms Manison declaring her Budget one for optimists is her way of deflecting political criticism for borrowing $7.3 billion, generating interest of more than $1 million a day in the process by 2020-21.

Onshore gas is one industry which can turn the Territory’s fortunes around — or at the least stem the flow of borrowings. If hydraulic fracturing ends up being banned, or, even worse, the regulatory environment becomes a dog’s breakfast as they try to please everyone, then the future looks bleak because there’s not many major projects on the horizon.

The GST cuts have been known for some time — and have hurt the bottom line — but Michael Gunner and his team need to stop blaming this as the major reason for their economic woes.

Last week, the NT News officially launched a campaign designed to make the Territory greater. It is our bit to get some ideas generated for us to realise our potential as a contributor to the nation, not a welfare state.

We need some big thinking with the help of the feds — such as income tax breaks for those who live in the Territory and a new airport for Kakadu — one idea which has already been raised.

The Government needs to take these on board and plan for the future. Labor certainly has some positive projects coming up such as a new museum and focusing on the CBD.

Labor parties in Australia have a track record of poor economic management and with this budget they have thrown caution to the wind and spent up big, really big.

Territorians can only hope their multi-billion dollar punt wins.