Mr BARRETT - 2015-04-28
I had the pleasure of listening to the Treasurer’s presentation at the Chamber of Commerce lunch today. The NAB economist gave the direction of the Giles government and this budget a big tick. Can the Treasurer please inform members of the government strategy on debt and deficit reduction?
ANSWER
Mr Deputy Speaker, I thank the member for Blain for his question. Thank you also for attending the Chamber of Commerce business lunch today to hear the presentation on the budget.
The member for Blain asked me a question about the government’s strategy on debt and deficit reduction. The government does have a strategy. We know this is something that never entered the minds of the previous Labor government because the final financial statement it issued, the Pre-Election Fiscal Outlook, showed debt and deficits ever increasing with no plan or strategy for them.
I can say to the member for Blain this government, unlike the former government, has a strategy for debt and deficit reduction. I will be so bold as to say to the member for Blain that strategy is being played out in the budget released today. In the budget released today, forecast debt is projected to be about $2.6bn, which is less than half of what Labor projected debt would increase to.
Labor projected the budget deficit would grow to $1.1bn. That is more than $1.1m a day in interest repayments. We have always said we will not saddle our children with inter-generational debt, which never seemed to bother the previous Labor government. Not a word anywhere could you find to show the former government had a strategy to get itself out of debt and start living within its means.
The government’s plan is very simple: find efficiencies in the way government delivers services, cut Labor’s waste and grow the private sector. I pay tribute to all my colleagues, the various ministers who have worked hard with their departments and to the public service, for doing that.
Change is never easy, but public servants in the Northern Territory not only embraced the change but they got behind it. We have seen a big reduction in government spending and debt. We are on track to balance the budget by 2017-18.
ANSWER
Mr Deputy Speaker, I thank the member for Blain for his question. Thank you also for attending the Chamber of Commerce business lunch today to hear the presentation on the budget.
The member for Blain asked me a question about the government’s strategy on debt and deficit reduction. The government does have a strategy. We know this is something that never entered the minds of the previous Labor government because the final financial statement it issued, the Pre-Election Fiscal Outlook, showed debt and deficits ever increasing with no plan or strategy for them.
I can say to the member for Blain this government, unlike the former government, has a strategy for debt and deficit reduction. I will be so bold as to say to the member for Blain that strategy is being played out in the budget released today. In the budget released today, forecast debt is projected to be about $2.6bn, which is less than half of what Labor projected debt would increase to.
Labor projected the budget deficit would grow to $1.1bn. That is more than $1.1m a day in interest repayments. We have always said we will not saddle our children with inter-generational debt, which never seemed to bother the previous Labor government. Not a word anywhere could you find to show the former government had a strategy to get itself out of debt and start living within its means.
The government’s plan is very simple: find efficiencies in the way government delivers services, cut Labor’s waste and grow the private sector. I pay tribute to all my colleagues, the various ministers who have worked hard with their departments and to the public service, for doing that.
Change is never easy, but public servants in the Northern Territory not only embraced the change but they got behind it. We have seen a big reduction in government spending and debt. We are on track to balance the budget by 2017-18.
Last updated: 09 Aug 2016