Mr ELFERINK - 2010-05-04
In the next four years, you are going to nearly double the nett debt of the Northern Territory to $1.7bn, up from $900m. By what date will you repay that debt?
ANSWER
Madam Speaker, I thank the member for Port Darwin for the question. Importantly, Budget 2010-11 does exactly what the Territory needs now, but it also invests for the future. Budget 2010-11 delivers record funding in health, in education, in housing, that record $1.8bn infrastructure spend. We have taken the deliberate decision, post the global financial crisis, to step into deficit to lift the public spend. If we did not, if we did what the opposition would want us to do and stay in surplus, we have delivered seven surplus budgets in a row in the past, but if we went into surplus rather than deficit in the 2009-10 and 2010-11 budgets, jobs would be lost.
Mr Tollner: Answer the question.
Ms LAWRIE: The business community would be on its knees …
Mr Tollner: Answer the question.
Madam SPEAKER: Order!
Ms LAWRIE: … instead we are choosing to, yes, go into deficit, which yes, does increase debt, but we will manage that as any government does manage debt. The best indicator, the best measure, of your ability to service debt is the nett debt to revenue ratio. The nett debt to revenue ratio, in terms of 2010-11, is 26%. Compare and contrast to when the CLP was in power and the nett debt to revenue ratio was up at 61%.
Mr Tollner: We are not interested in this history; answer the question.
Madam SPEAKER: Order, member for Fong Lim!
ANSWER
Madam Speaker, I thank the member for Port Darwin for the question. Importantly, Budget 2010-11 does exactly what the Territory needs now, but it also invests for the future. Budget 2010-11 delivers record funding in health, in education, in housing, that record $1.8bn infrastructure spend. We have taken the deliberate decision, post the global financial crisis, to step into deficit to lift the public spend. If we did not, if we did what the opposition would want us to do and stay in surplus, we have delivered seven surplus budgets in a row in the past, but if we went into surplus rather than deficit in the 2009-10 and 2010-11 budgets, jobs would be lost.
Mr Tollner: Answer the question.
Ms LAWRIE: The business community would be on its knees …
Mr Tollner: Answer the question.
Madam SPEAKER: Order!
Ms LAWRIE: … instead we are choosing to, yes, go into deficit, which yes, does increase debt, but we will manage that as any government does manage debt. The best indicator, the best measure, of your ability to service debt is the nett debt to revenue ratio. The nett debt to revenue ratio, in terms of 2010-11, is 26%. Compare and contrast to when the CLP was in power and the nett debt to revenue ratio was up at 61%.
Mr Tollner: We are not interested in this history; answer the question.
Madam SPEAKER: Order, member for Fong Lim!
Last updated: 09 Aug 2016