Ms FINOCCHIARO - 2014-05-14
Is the Treasurer aware of any analysis of the budget he delivered yesterday by credit ratings agencies?
ANSWER
Madam Speaker, I thank the member for Drysdale. It is a great contrast to hear relevant questions coming from this side when the other side has nothing; they have petered out and do not have a policy to bring to this House. They have nothing constructive to say except to pour scorn on the government trying to fix their mess. Moody’s immediately responded positively to the budget yesterday.
This has been big concern for the Northern Territory government. Members will remember that last year there was a threat we would receive a downgrade in our credit rating when it was put on a negative outlook. The reasons for that, fundamentally, were the size of the debt and the deficit created by the former Labor government and the financial unsustainability of Power and Water Corporation. It was noted by Moody’s as the biggest drag on the Territory economy.
I have a Moody’s Investors Service’s statement here. I draw your attention to the last paragraph:
This government has been making tough decisions in relation to the Power and Water Corporation, but what is Labor’s response to that? They oppose it. Do they have any other ideas on how to fix it or how they deal with the situation? No, they do not; they want the status quo to remain. Again, it is a demonstration they have nothing in their locker. They have no policy, direction or clue as to how to get us out of the financial mess they created.
We are receiving plaudits from all around the Territory and Australia for the budget this government delivered yesterday. I pay tribute to all of my colleagues in Cabinet and on the backbench for doing the hard yards, looking at areas where we can save money, cut waste and find efficiencies, because this is a great budget and it is all about securing our children’s future.
ANSWER
Madam Speaker, I thank the member for Drysdale. It is a great contrast to hear relevant questions coming from this side when the other side has nothing; they have petered out and do not have a policy to bring to this House. They have nothing constructive to say except to pour scorn on the government trying to fix their mess. Moody’s immediately responded positively to the budget yesterday.
This has been big concern for the Northern Territory government. Members will remember that last year there was a threat we would receive a downgrade in our credit rating when it was put on a negative outlook. The reasons for that, fundamentally, were the size of the debt and the deficit created by the former Labor government and the financial unsustainability of Power and Water Corporation. It was noted by Moody’s as the biggest drag on the Territory economy.
I have a Moody’s Investors Service’s statement here. I draw your attention to the last paragraph:
- As part of Moody's normal monitoring process, we will conduct an in-depth analysis of the Northern Territory's budget and its medium-term impact on its financial and debt profile. Moody's will focus on the Territory's commitment to lower current expenditure and improve the performance of its Power and Water Corporation. Both factors are critical to easing its debt burden.
This government has been making tough decisions in relation to the Power and Water Corporation, but what is Labor’s response to that? They oppose it. Do they have any other ideas on how to fix it or how they deal with the situation? No, they do not; they want the status quo to remain. Again, it is a demonstration they have nothing in their locker. They have no policy, direction or clue as to how to get us out of the financial mess they created.
We are receiving plaudits from all around the Territory and Australia for the budget this government delivered yesterday. I pay tribute to all of my colleagues in Cabinet and on the backbench for doing the hard yards, looking at areas where we can save money, cut waste and find efficiencies, because this is a great budget and it is all about securing our children’s future.
Last updated: 09 Aug 2016