Mr WOOD - 2014-05-14
You are supposed to know far more than me about the financial mysteries of the Territory budget papers, so I am sure you will answer these questions in a simple and straightforward manner without too much extraneous political backpacking. My question relates to deficits and debts; we know these terms get mixed up, but I understand a deficit applies to one year, and debt is accumulated deficits.
In the 2013 mini-budget, your government said net debt was $2.7m. What do you estimate the debt will be this financial year? Can you also advise what the deficit for the last financial year was and what you forecast it will be this year?
ANSWER
Madam Speaker, I thank the member for Nelson for his question. Finally there is a good question about the budget and something we are prepared to answer. As I said in the budget speech, net debt is due to drop to $4.2bn - a cut of $1.3bn - saving us $55m in interest repayments alone. That $55m could be better spent in the member for Nelson’s electorate, building a rural swimming pool or other things, rather than paying back interest.
This is a serious point. The member for Nelson can see the benefits of reducing Territory debt, because it gives the government more capacity to deliver much-needed services for Territorians rather than spending money on dead interest repayments. I think $55m would more than cover a swimming pool in the rural area, something the previous …
Members interjecting.
Mr TOLLNER: I remind people in this House of something the previous government promised but failed to deliver. I do not even think they so much as dug a hole in the end. I appreciate the member for Nelson asking this question. This government has had to make some tough decisions; we have had to do some hard yards looking across every aspect of government, into every nook and cranny, finding those little savings and efficiencies, all of those rats and mice which add up to some big numbers.
Ms LAWRIE: A point of order, Madam Speaker! Standing Order 113: relevance. Budget Paper No 2, page 6, net debt increased from $3.4bn last year to $4bn this year …
Madam SPEAKER: Opposition Leader, that is not a point of order. It is not a time for statements.
Mr WOOD: A point of order, Madam Speaker! Standing Order 113: relevance. The other part of my question was about the deficit. I asked about the deficit last year and what the deficit would be this year, as distinct from the debt. There were two parts to the question.
Mr TOLLNER: I have finished.
In the 2013 mini-budget, your government said net debt was $2.7m. What do you estimate the debt will be this financial year? Can you also advise what the deficit for the last financial year was and what you forecast it will be this year?
ANSWER
Madam Speaker, I thank the member for Nelson for his question. Finally there is a good question about the budget and something we are prepared to answer. As I said in the budget speech, net debt is due to drop to $4.2bn - a cut of $1.3bn - saving us $55m in interest repayments alone. That $55m could be better spent in the member for Nelson’s electorate, building a rural swimming pool or other things, rather than paying back interest.
This is a serious point. The member for Nelson can see the benefits of reducing Territory debt, because it gives the government more capacity to deliver much-needed services for Territorians rather than spending money on dead interest repayments. I think $55m would more than cover a swimming pool in the rural area, something the previous …
Members interjecting.
Mr TOLLNER: I remind people in this House of something the previous government promised but failed to deliver. I do not even think they so much as dug a hole in the end. I appreciate the member for Nelson asking this question. This government has had to make some tough decisions; we have had to do some hard yards looking across every aspect of government, into every nook and cranny, finding those little savings and efficiencies, all of those rats and mice which add up to some big numbers.
Ms LAWRIE: A point of order, Madam Speaker! Standing Order 113: relevance. Budget Paper No 2, page 6, net debt increased from $3.4bn last year to $4bn this year …
Madam SPEAKER: Opposition Leader, that is not a point of order. It is not a time for statements.
Mr WOOD: A point of order, Madam Speaker! Standing Order 113: relevance. The other part of my question was about the deficit. I asked about the deficit last year and what the deficit would be this year, as distinct from the debt. There were two parts to the question.
Mr TOLLNER: I have finished.
Last updated: 09 Aug 2016