Mr MILLS - 2007-05-01
You expect to receive $3.198bn in revenue. This is $186m more than you expected this time last year. Despite having this $186m extra, you are still delivering a deficit. If you are such a competent economic manager, why have you not been able to balance the budget despite receiving unexpected massive revenue windfalls?
ANSWER
Madam Speaker, I commend the member for Blain on a well read question. He could not lift his head in case he got a word wrong – in case he missed a word, let me tell you. Let me try to explain a little to the member for Blain in as brief a time as I can.
We ended financial year 2006-07 predicting a deficit outcome of $68m. Three years ago, we forecast, for this financial year that we will soon be entering, 2007-08, to have a deficit of $40m. In strengthening the outcome, which is now standing at a possible $11m deficit - and it may even improve by 30 June - that is a $57m improvement for a start and something we have consistently done. In fact, in every budget we have handed down, and the last four have been surplus outcomes, we have predicted a deficit and we have markedly improved the outcome in cash terms by the end of the financial year compared to what we have put down as projections in May of the particular year. This year is no exception. We may improve over the $40m next year.
A strength of the underlying economic situation we are in can be found in this one single feature, Madam Speaker; that is, the big shift of capital and infrastructure spend on the Darwin waterfront and convention centre, from 2006-07, improving outcome for 2006-07, shifting in to 2007-08 - and yet we are not affecting the $40m forecast outcome. That is the underlying strength of the economic situation this government is in. It is able to pick up and shift quite considerable capital and infrastructure spend required on the Darwin waterfront and convention centre from one financial year into the next and not affect our forecast projections put down three years ago.
ANSWER
Madam Speaker, I commend the member for Blain on a well read question. He could not lift his head in case he got a word wrong – in case he missed a word, let me tell you. Let me try to explain a little to the member for Blain in as brief a time as I can.
We ended financial year 2006-07 predicting a deficit outcome of $68m. Three years ago, we forecast, for this financial year that we will soon be entering, 2007-08, to have a deficit of $40m. In strengthening the outcome, which is now standing at a possible $11m deficit - and it may even improve by 30 June - that is a $57m improvement for a start and something we have consistently done. In fact, in every budget we have handed down, and the last four have been surplus outcomes, we have predicted a deficit and we have markedly improved the outcome in cash terms by the end of the financial year compared to what we have put down as projections in May of the particular year. This year is no exception. We may improve over the $40m next year.
A strength of the underlying economic situation we are in can be found in this one single feature, Madam Speaker; that is, the big shift of capital and infrastructure spend on the Darwin waterfront and convention centre, from 2006-07, improving outcome for 2006-07, shifting in to 2007-08 - and yet we are not affecting the $40m forecast outcome. That is the underlying strength of the economic situation this government is in. It is able to pick up and shift quite considerable capital and infrastructure spend required on the Darwin waterfront and convention centre from one financial year into the next and not affect our forecast projections put down three years ago.
Last updated: 09 Aug 2016