Ms LEE - 2013-05-14
The budget you will deliver at 11 am will be your first budget. How important is it to address Labor’s debt, and at the same time invest in the future of the Territory?
ANSWER
Madam Speaker, I thank the member for Arnhem for her question. It is not only my first budget; it is the first budget of the Country Liberal government in 13 years. You have to ask what has happened in the preceding 13 years.
We have a projected debt of $5.5bn. The member for Arnhem asked me about that debt. There are numerous risks associated with excessive debt, particularly the sort of debt the previous Treasurer racked up by borrowing to meet the operational expenses of government. That is not good fiscal management; it is appalling fiscal management. The debt accrued by the previous government leaves a legacy for future generations. Future generations of Territorians have to pay for the excesses of the former government.
In addition to that, the excessive debt the former government racked up sends major negative signals to investors and possible investors in the Northern Territory. This was recognised by the Moody’s rating agency, which has put us on a negative outlook. Our credit rating has moved from AA1 stable to AA1 negative. I am …
Ms LAWRIE: A point of order, Madam Speaker! Your budget shows you are increasing debt by $1.1bn …
Madam SPEAKER: Sit down! There is no point of order.
Mr TOLLNER: I was framing this budget and I could see that in the future, to pay for this debt, we are looking at interest payments of $1.1m every day. I was trying to frame this budget, there was worry everywhere, and I had Tom Jones in my head constantly singing, ‘Why, why, why, De-liar?’ …
Madam SPEAKER: Treasurer, please keep to your script.
Mr TOLLNER: Madam Speaker, $5.5bn worth of debt. When you come into the job as Treasurer of the Northern Territory after 13 years of Labor government, you have to start thinking about serious measures to reduce debt. That is what this …
Ms LAWRIE: A point of order, Madam Speaker! Then why are you, Dave Tollner, increasing debt by $1.1bn next financial year?
Madam SPEAKER: Opposition Leader, it is not a point order.
Mr TOLLNER: This is the lady who was set to put the Northern Territory into $5.5bn worth of debt with interest repayments in the order of $1.1m every day. This woman has no credibility and should not be listened to. We have inherited this dreadful situation as a government, and our greatest focus is how we deal with Labor’s debt legacy: how we pay down debt and do not ruin our economy at the same time. That is what our budget will focus on.
Madam SPEAKER: Treasurer, your time has expired.
ANSWER
Madam Speaker, I thank the member for Arnhem for her question. It is not only my first budget; it is the first budget of the Country Liberal government in 13 years. You have to ask what has happened in the preceding 13 years.
We have a projected debt of $5.5bn. The member for Arnhem asked me about that debt. There are numerous risks associated with excessive debt, particularly the sort of debt the previous Treasurer racked up by borrowing to meet the operational expenses of government. That is not good fiscal management; it is appalling fiscal management. The debt accrued by the previous government leaves a legacy for future generations. Future generations of Territorians have to pay for the excesses of the former government.
In addition to that, the excessive debt the former government racked up sends major negative signals to investors and possible investors in the Northern Territory. This was recognised by the Moody’s rating agency, which has put us on a negative outlook. Our credit rating has moved from AA1 stable to AA1 negative. I am …
Ms LAWRIE: A point of order, Madam Speaker! Your budget shows you are increasing debt by $1.1bn …
Madam SPEAKER: Sit down! There is no point of order.
Mr TOLLNER: I was framing this budget and I could see that in the future, to pay for this debt, we are looking at interest payments of $1.1m every day. I was trying to frame this budget, there was worry everywhere, and I had Tom Jones in my head constantly singing, ‘Why, why, why, De-liar?’ …
Madam SPEAKER: Treasurer, please keep to your script.
Mr TOLLNER: Madam Speaker, $5.5bn worth of debt. When you come into the job as Treasurer of the Northern Territory after 13 years of Labor government, you have to start thinking about serious measures to reduce debt. That is what this …
Ms LAWRIE: A point of order, Madam Speaker! Then why are you, Dave Tollner, increasing debt by $1.1bn next financial year?
Madam SPEAKER: Opposition Leader, it is not a point order.
Mr TOLLNER: This is the lady who was set to put the Northern Territory into $5.5bn worth of debt with interest repayments in the order of $1.1m every day. This woman has no credibility and should not be listened to. We have inherited this dreadful situation as a government, and our greatest focus is how we deal with Labor’s debt legacy: how we pay down debt and do not ruin our economy at the same time. That is what our budget will focus on.
Madam SPEAKER: Treasurer, your time has expired.
Last updated: 09 Aug 2016