Ms SCRYMGOUR - 2011-05-04
Budget 2011-12 has been very well received. Can you please update the House on some of the reactions …
Members interjecting.
Madam SPEAKER: Order!
Ms SCRYMGOUR: They hate good news, Madam Speaker.
Can you update the House on some of the reactions to Budget 2011-12?
ANSWER
Madam Speaker, I thank the member for Arafura for her question. The budget is delivering on the help Territorians need to get ahead with those magnificent concessions I talked about in response to the furphy from the Leader of the Opposition.
It builds on our economic opportunities. With a $1.7bn cash spend in infrastructure in 2010-11, on top of the $1.5bn in 2009-10, we have created more than 12 000 jobs since the global financial crisis. The government made the deliberate decision to go into a cash deficit position to fund our infrastructure program to protect jobs and the Territory economy.
Graham Kemp, Executive Director of Master Builders NT, said the Northern Territory building and construction industry supported the government’s $1.5bn infrastructure spend announced in Budget 2011-12 at a time when the construction industry needed it the most. He said:
The Chamber of Commerce understands this decision and supports it. Yesterday, Chris Young said:
I have spoken to a lot of business people in the last 24 hours. They strongly support our decision to go into deficit to fund infrastructure. They know it is the right decision for the right time. It is good economic management and, critically importantly, it is good for business. We have delivered eight budget surpluses in a row, cutting debt by $582m. We are maintaining operating surpluses for 2010-11 and 2011-12. The cash deficit is a result of our high capital spend.
The budget is worth $5.3bn. In this context, the deficits are very manageable. David de Garis, Senior Economist at National Australia Bank, agreed yesterday, saying: ‘The debt levels are quite modest, certainly by international experience, they are light years away’. Everybody gets this except the opposition. You are too busy fighting. Chamber of Commerce – tick; Master Builders – tick; social sector – tick; Property Council – tick; head economist NAB – tick; former CLP minister Daryl Manzie – eight out of 10.
Members interjecting.
Madam SPEAKER: Order!
Ms SCRYMGOUR: They hate good news, Madam Speaker.
Can you update the House on some of the reactions to Budget 2011-12?
ANSWER
Madam Speaker, I thank the member for Arafura for her question. The budget is delivering on the help Territorians need to get ahead with those magnificent concessions I talked about in response to the furphy from the Leader of the Opposition.
It builds on our economic opportunities. With a $1.7bn cash spend in infrastructure in 2010-11, on top of the $1.5bn in 2009-10, we have created more than 12 000 jobs since the global financial crisis. The government made the deliberate decision to go into a cash deficit position to fund our infrastructure program to protect jobs and the Territory economy.
Graham Kemp, Executive Director of Master Builders NT, said the Northern Territory building and construction industry supported the government’s $1.5bn infrastructure spend announced in Budget 2011-12 at a time when the construction industry needed it the most. He said:
- I think it is a courageous budget because the government had to continue the deficit. Deficit is not a dirty word. You cut your cloth to suit the times. In the times we are in, in a small jurisdiction like the Northern Territory, we rely on government as a back-up to keep us in the game.
The Chamber of Commerce understands this decision and supports it. Yesterday, Chris Young said:
- I don’t think that at this point in time it is essential that we have surpluses in the budget.
I think they are being responsible going into deficit …
I have spoken to a lot of business people in the last 24 hours. They strongly support our decision to go into deficit to fund infrastructure. They know it is the right decision for the right time. It is good economic management and, critically importantly, it is good for business. We have delivered eight budget surpluses in a row, cutting debt by $582m. We are maintaining operating surpluses for 2010-11 and 2011-12. The cash deficit is a result of our high capital spend.
The budget is worth $5.3bn. In this context, the deficits are very manageable. David de Garis, Senior Economist at National Australia Bank, agreed yesterday, saying: ‘The debt levels are quite modest, certainly by international experience, they are light years away’. Everybody gets this except the opposition. You are too busy fighting. Chamber of Commerce – tick; Master Builders – tick; social sector – tick; Property Council – tick; head economist NAB – tick; former CLP minister Daryl Manzie – eight out of 10.
Last updated: 09 Aug 2016