Ms SACILOTTO - 2007-05-02
One of the priorities of the Martin government has been to grow the economy through support for business. Can the Treasurer advise the House how Budget 2007-08 backs Territory business?
ANSWER
I thank the member for Port Darwin for her question, Madam Speaker. I am very pleased to advise the House how this government continues, and has produced, the most business friendly budget in the Territory’s history. We back business in four ways in Budget 2007-08: a very high infrastructure spend in the first place; investing in the economic drivers of the Territory to continue to grow and expand the economic base from which we operate upon; we contain further taxation reduction; and we maintain, unlike our predecessors, a very strong fiscal discipline. In other words, we do not blow the budget in delivering that support to business.
I have detailed already the $645m spend on infrastructure in 2007-08: $645m cash to be spent - not programmed, not to be cashed at 42% like the CLP used to do; $645m cash - every last dollar of which will be spent in 2007-08. When we delivered our first full budget in 2002-03, I was pretty pleased to see, at that time, a record $334m capital works program. In that last five years, we have almost doubled that - within $13m of doubling it. It is a massive injection into business. It is massive support for the construction and building industry across the Territory. We know people in the construction industry. They tell me the last couple of years have never been better. They have never been as busy as they have been under this government.
That infrastructure plan, of course, includes a massive roll-out from Power and Water of $814m over the next five years, which is double what went out in the previous five years; a massive injection into roads, particularly R&M, over the next four years; but, importantly, it is investments in small, medium and large projects which spreads out the work across the whole contracting area from small, medium and large businesses, so that they all get a crack at the pie. Importantly, it is also spread across the Territory and the regions so that contractors, wherever they are in the Territory, also get a slice of the action.
We are investing in the key economic drivers, with the $38.3m budget for tourism. Work will continue to upgrade and improve the port, probably add value to it along the way. Mining is backed with a new exploration program, Bringing Forward Discovery, with $12m over four years. There is $1.15m to the peak industry associations for support for their particular areas; $650 000 for business management and capability programs; $830 000 for indigenous economic development initiatives; $500 000 for regional economic development support; and $1.78m for Territory Business Centres.
In Budget 2007-08 that brings to $156.2m the amount of tax reduced by this government since we came to office. We are, and continue to be, by a fair way, the lowest-taxing jurisdiction in Australia for businesses with up to 100 staff. We have reduced stamp duty on conveyancing for first homebuyers. We abolished the stamp duty on hiring. There was a comment last night that there is nothing in this budget for business - an extraordinary comment - $5.3m to knock off the stamp duty on hiring.
If you combine all those initiatives with the fiscal restraint that does not see this government blowing its budget, it is double good news in strong support for business. It is good business and makes good business sense to back business in the Northern Territory. We have proven our economic management credentials. This year, our budget not only plans for 12 months ahead but, importantly, is laying the foundation for the next 10 years.
ANSWER
I thank the member for Port Darwin for her question, Madam Speaker. I am very pleased to advise the House how this government continues, and has produced, the most business friendly budget in the Territory’s history. We back business in four ways in Budget 2007-08: a very high infrastructure spend in the first place; investing in the economic drivers of the Territory to continue to grow and expand the economic base from which we operate upon; we contain further taxation reduction; and we maintain, unlike our predecessors, a very strong fiscal discipline. In other words, we do not blow the budget in delivering that support to business.
I have detailed already the $645m spend on infrastructure in 2007-08: $645m cash to be spent - not programmed, not to be cashed at 42% like the CLP used to do; $645m cash - every last dollar of which will be spent in 2007-08. When we delivered our first full budget in 2002-03, I was pretty pleased to see, at that time, a record $334m capital works program. In that last five years, we have almost doubled that - within $13m of doubling it. It is a massive injection into business. It is massive support for the construction and building industry across the Territory. We know people in the construction industry. They tell me the last couple of years have never been better. They have never been as busy as they have been under this government.
That infrastructure plan, of course, includes a massive roll-out from Power and Water of $814m over the next five years, which is double what went out in the previous five years; a massive injection into roads, particularly R&M, over the next four years; but, importantly, it is investments in small, medium and large projects which spreads out the work across the whole contracting area from small, medium and large businesses, so that they all get a crack at the pie. Importantly, it is also spread across the Territory and the regions so that contractors, wherever they are in the Territory, also get a slice of the action.
We are investing in the key economic drivers, with the $38.3m budget for tourism. Work will continue to upgrade and improve the port, probably add value to it along the way. Mining is backed with a new exploration program, Bringing Forward Discovery, with $12m over four years. There is $1.15m to the peak industry associations for support for their particular areas; $650 000 for business management and capability programs; $830 000 for indigenous economic development initiatives; $500 000 for regional economic development support; and $1.78m for Territory Business Centres.
In Budget 2007-08 that brings to $156.2m the amount of tax reduced by this government since we came to office. We are, and continue to be, by a fair way, the lowest-taxing jurisdiction in Australia for businesses with up to 100 staff. We have reduced stamp duty on conveyancing for first homebuyers. We abolished the stamp duty on hiring. There was a comment last night that there is nothing in this budget for business - an extraordinary comment - $5.3m to knock off the stamp duty on hiring.
If you combine all those initiatives with the fiscal restraint that does not see this government blowing its budget, it is double good news in strong support for business. It is good business and makes good business sense to back business in the Northern Territory. We have proven our economic management credentials. This year, our budget not only plans for 12 months ahead but, importantly, is laying the foundation for the next 10 years.
Last updated: 09 Aug 2016