Mr MILLS - 2012-05-01
If you take all government’s debts and liabilities projected for 2015–16, under your management every Territorian - man, woman and child - will owe $35 000. To put it into something concrete, the equivalent value of your debt is a Holden Commodore for every Territorian. Can you advise the date Territorians will finish paying for the car they did not buy and cannot drive?
ANSWER
Madam Speaker, I will put the Leader of the Opposition straight. The government owns the debt and the debt is affordable and responsible. The debt is keeping people in work and keeping businesses open at a time where the global financial crisis has seen banks tighten up lending and not fund business and development growth.
Let us put this into context. The budget this year is worth $5.3bn. In this context, the deficits are manageable. Our debt servicing costs are predicted to remain at below 8% of revenue over the forward estimates.
Virtually every Territory household has a level of debt. Most Territory households would have a mortgage, most Territorians would have credit cards, and it is totally appropriate if you have the capacity to repay that debt, and the Territory government does. We are about to enter the most significant period of economic growth in this Territory’s history as a result of our government’s head-on approach to securing the Ichthys project for the Northern Territory, the positioning of Darwin as the service and supply capital for the gas industry in the Northern Territory and, working with our federal colleagues, to see more money going into remote parts of the Northern Territory than ever before. This debt is responsible; it is keeping people in jobs and keeping the Territory moving ahead.
Tomorrow the Opposition Leader has his opportunity to explain to Territorians how many thousands of jobs will be lost to the Territory economy, or what tax increases he would impose on Territorians in pursuit of a surplus for a headline only, not any economic imperative for the Northern Territory. I will quote Bernie Fraser, previous head of the Reserve Bank, who said:
We have responsibilities to have great hospitals, to have clinical specialists and nurses, teachers in our schools, police officers across the Northern Territory keeping people safe, and to build infrastructure across the Northern Territory like the Marine Supply Base which will leverage private sector investment.
A pursuit of a surplus at this time for a political headline would have seen thousands of Territorians lose their jobs and dozens of Territory businesses close their doors. This is a responsible budget and it delivers for Territorians.
ANSWER
Madam Speaker, I will put the Leader of the Opposition straight. The government owns the debt and the debt is affordable and responsible. The debt is keeping people in work and keeping businesses open at a time where the global financial crisis has seen banks tighten up lending and not fund business and development growth.
Let us put this into context. The budget this year is worth $5.3bn. In this context, the deficits are manageable. Our debt servicing costs are predicted to remain at below 8% of revenue over the forward estimates.
Virtually every Territory household has a level of debt. Most Territory households would have a mortgage, most Territorians would have credit cards, and it is totally appropriate if you have the capacity to repay that debt, and the Territory government does. We are about to enter the most significant period of economic growth in this Territory’s history as a result of our government’s head-on approach to securing the Ichthys project for the Northern Territory, the positioning of Darwin as the service and supply capital for the gas industry in the Northern Territory and, working with our federal colleagues, to see more money going into remote parts of the Northern Territory than ever before. This debt is responsible; it is keeping people in jobs and keeping the Territory moving ahead.
Tomorrow the Opposition Leader has his opportunity to explain to Territorians how many thousands of jobs will be lost to the Territory economy, or what tax increases he would impose on Territorians in pursuit of a surplus for a headline only, not any economic imperative for the Northern Territory. I will quote Bernie Fraser, previous head of the Reserve Bank, who said:
- ... governments are not like households, they’re not like businesses, they have responsibilities that go beyond that.
We have responsibilities to have great hospitals, to have clinical specialists and nurses, teachers in our schools, police officers across the Northern Territory keeping people safe, and to build infrastructure across the Northern Territory like the Marine Supply Base which will leverage private sector investment.
A pursuit of a surplus at this time for a political headline would have seen thousands of Territorians lose their jobs and dozens of Territory businesses close their doors. This is a responsible budget and it delivers for Territorians.
Last updated: 09 Aug 2016