Mr GUNNER - 2011-05-03
Can the Treasurer please update the House on how Budget 2011-12 builds on our economic opportunities and supports Territory jobs?
ANSWER
Madam Speaker, I thank the member for Fannie Bay for his question. The budget forecasts our economy to grow by 3.2% in 2011-12 on the back of increased construction, new major projects, and mineral and gas exports. This is slightly more conservative than the Deloitte Access Economics predictions. They predict the Territory’s economic growth to outstrip the rest of the nation in 2011-12 to grow at 5%.
The Territory emerged from the global financial crisis better than most economies. However, private sector investment has not yet returned to pre-global financial crisis levels. That is why our $1.5bn infrastructure spend is so important to maintaining a strong economy. Our record infrastructure spending has paid off, saving and creating jobs and fuelling our growth with those 12 000 new jobs created across the Territory since the global financial crisis. We have had the lowest unemployment in the country for the last 18 months.
Budget 2011-12 forecasts jobs growth at 2.8%. It forecast inflation at 2.8% in 2010-11, moderating to 2.3% in 2011-12. I indicated we would expect to see a spike regarding the food costs coming out of the flood and cyclone events in Queensland. We are forecasting increased private sector investment as the economy strengthens, and increased trade surplus reflecting higher exports. Central to a strengthened economy is a continued high public infrastructure investment to protect and create jobs. Ask a family whether they want a surplus or a job. I know the answer that family will give you. They will say: ‘We need the job to keep the roof over our head and feed our family’.
Our $1.5bn infrastructure program will support 3000 jobs. Our tax cuts will save business $6.6m and support more jobs. Housing stimulus through BuildBonus will support jobs across the building industry.
Budget 2011-12 is responsible, recognising the need for the Territory government to shoulder the stimulus in the economy ahead of the major projects on the horizon to meet the social needs of Territory families. It meets the needs of business through those payroll tax reductions through the BuildBonus stimulus, and we are building on the economic opportunities.
ANSWER
Madam Speaker, I thank the member for Fannie Bay for his question. The budget forecasts our economy to grow by 3.2% in 2011-12 on the back of increased construction, new major projects, and mineral and gas exports. This is slightly more conservative than the Deloitte Access Economics predictions. They predict the Territory’s economic growth to outstrip the rest of the nation in 2011-12 to grow at 5%.
The Territory emerged from the global financial crisis better than most economies. However, private sector investment has not yet returned to pre-global financial crisis levels. That is why our $1.5bn infrastructure spend is so important to maintaining a strong economy. Our record infrastructure spending has paid off, saving and creating jobs and fuelling our growth with those 12 000 new jobs created across the Territory since the global financial crisis. We have had the lowest unemployment in the country for the last 18 months.
Budget 2011-12 forecasts jobs growth at 2.8%. It forecast inflation at 2.8% in 2010-11, moderating to 2.3% in 2011-12. I indicated we would expect to see a spike regarding the food costs coming out of the flood and cyclone events in Queensland. We are forecasting increased private sector investment as the economy strengthens, and increased trade surplus reflecting higher exports. Central to a strengthened economy is a continued high public infrastructure investment to protect and create jobs. Ask a family whether they want a surplus or a job. I know the answer that family will give you. They will say: ‘We need the job to keep the roof over our head and feed our family’.
Our $1.5bn infrastructure program will support 3000 jobs. Our tax cuts will save business $6.6m and support more jobs. Housing stimulus through BuildBonus will support jobs across the building industry.
Budget 2011-12 is responsible, recognising the need for the Territory government to shoulder the stimulus in the economy ahead of the major projects on the horizon to meet the social needs of Territory families. It meets the needs of business through those payroll tax reductions through the BuildBonus stimulus, and we are building on the economic opportunities.
Last updated: 09 Aug 2016