Mr ELFERINK - 2011-11-23
Your growth figures are in tatters. Your budget estimated growth at 2.2%, yet it is actually only 1.6%. What is the impact of lower growth on the Territory’s budget deficit?
ANSWER
Madam Speaker, it is such a ridiculous question from a man who simply does not understand that if you have growth you are obviously getting the economic drivers flowing through your economy. It is a ridiculous question from the man who does not understand that if you do not pump into your capital program, if you do not provide for the construction of legacy infrastructure into the Territory, then you are simply going to send the economy backwards.
The answer over there is slash jobs and send Territorians onto the unemployment queues, have a surplus at any cost, and cut back on your capital spend program. We could slash a quarter off the capital budget now and be in surplus. That is the easy thing to do; it is not the responsible or sensible thing to do
We made the deliberate decision because of the impacts of the global financial crisis in private investment right around the globe, including in the Territory …
Mr ELFERINK: A point of order, Madam Speaker! I draw your attention to Standing Order 113. The question was very specific: what is the impact on the budget deficit? The Treasurer should be able to produce a figure by now.
Madam SPEAKER: Treasurer, if you could come to the point.
Ms LAWRIE: As he well knows, I updated the House on where we landed in the 2010-11 financial year. What we are debating today is the 2010-11 financial year position in regard to GSP. As he well knows, I updated the House on the Treasurer’s Annual Financial Report. I revised deficit positions. I let people know we are forecasting a deficit of $387m for 2011-12. What we are talking about, and what he is confused about, is strong growth figures coming in at 1.6% for 2010-11. We have flagged a continuation of a deficit position. Why? We are significantly being impacted in reduced GST revenues. We are tracking at about $200m per annum in reduced GST revenues.
We delivered eight budget surpluses in a row. We slashed debt inherited from the CLP. We slashed debt by $582m through eight budget surpluses in a row. We then took a very clear decision to ensure growth in our economy by doubling our capital spend to a record $1.7bn. We are spending $4.6bn across three budget cycles. That is paying dividends. It is keeping 15 500 Territorians in a job who otherwise would not have been. It is also ensuring we are in growth - 1.6% economic growth - and it is ensuring we are well positioned to take advantage of the boom times ahead, with Access Economics predicting an average of 3.6% growth through the next five years, putting us in the top three Australian states and territories ...
Madam SPEAKER: Treasurer, your time has expired.
ANSWER
Madam Speaker, it is such a ridiculous question from a man who simply does not understand that if you have growth you are obviously getting the economic drivers flowing through your economy. It is a ridiculous question from the man who does not understand that if you do not pump into your capital program, if you do not provide for the construction of legacy infrastructure into the Territory, then you are simply going to send the economy backwards.
The answer over there is slash jobs and send Territorians onto the unemployment queues, have a surplus at any cost, and cut back on your capital spend program. We could slash a quarter off the capital budget now and be in surplus. That is the easy thing to do; it is not the responsible or sensible thing to do
We made the deliberate decision because of the impacts of the global financial crisis in private investment right around the globe, including in the Territory …
Mr ELFERINK: A point of order, Madam Speaker! I draw your attention to Standing Order 113. The question was very specific: what is the impact on the budget deficit? The Treasurer should be able to produce a figure by now.
Madam SPEAKER: Treasurer, if you could come to the point.
Ms LAWRIE: As he well knows, I updated the House on where we landed in the 2010-11 financial year. What we are debating today is the 2010-11 financial year position in regard to GSP. As he well knows, I updated the House on the Treasurer’s Annual Financial Report. I revised deficit positions. I let people know we are forecasting a deficit of $387m for 2011-12. What we are talking about, and what he is confused about, is strong growth figures coming in at 1.6% for 2010-11. We have flagged a continuation of a deficit position. Why? We are significantly being impacted in reduced GST revenues. We are tracking at about $200m per annum in reduced GST revenues.
We delivered eight budget surpluses in a row. We slashed debt inherited from the CLP. We slashed debt by $582m through eight budget surpluses in a row. We then took a very clear decision to ensure growth in our economy by doubling our capital spend to a record $1.7bn. We are spending $4.6bn across three budget cycles. That is paying dividends. It is keeping 15 500 Territorians in a job who otherwise would not have been. It is also ensuring we are in growth - 1.6% economic growth - and it is ensuring we are well positioned to take advantage of the boom times ahead, with Access Economics predicting an average of 3.6% growth through the next five years, putting us in the top three Australian states and territories ...
Madam SPEAKER: Treasurer, your time has expired.
Last updated: 09 Aug 2016