Mr WESTRA van HOLTHE - 2011-05-03
This year, on your non-financial sector balance sheet, nett debt is a shade over $2bn. By 2014-15, that will have nearly doubled to $3.85bn. Is it not a betrayal of Territorians to promise surpluses and lower debt, but deliver us debt to the tune of nearly $4bn?
ANSWER
Madam Speaker, I welcome the almost dorothy dixer from the shadow Treasurer, the member for Katherine. I will give you the tip: the clock is ticking on that shadow Treasurer.
Latest figures show the ACT has announced a cash deficit of $144m for 2010-11 and, for 2011-12, a cash deficit of $339m. The opposition still does not get it. They still do not get that jurisdictions across Australia have declining revenue: the GST pool dramatic contraction. They still do not get that jurisdictions across Australia have to spend to support their economy in those all-important economic drivers. They do not get that.
What you need to understand, when it comes to your deficit position and what it is doing to your debt position - whether it is your general public sector or your entire financial liabilities the shadow Treasurer is quoting – is it takes in your Power and Water Corporation debt, for example. You need to understand your ability to service that debt. We are predicting, for 2011-12, a nett financial liability to revenue ratio of 115%. That is less than the 131% we inherited from the CLP.
We are managing our way through a record investment. When you talk about nett financial liabilities, by capturing in the Power and Water Corporation record investment we are literally doing about a $1.8bn build across our power, water and sewerage system.
What are we doing? We are expending the money to close the Larrakeyah sewage outfall into the harbour. We are putting two new generators into Channel Island this calendar year so we have the reliability and redundancy in the system to keep the power strength for both the demand and growth that is coming. By putting in two new generators at Channel Island we will be able to take the six 25-year-old generators off-line through a cycle of repair for a rebuild on those generators.
The clowns opposite do not understand Power and Water Corporation’s investment in the infrastructure in the financial liabilities section of the budget debt, and our investment in the general government sector, is literally creating jobs and supporting Territory businesses. Ask Ross Engineering in Alice Springs what the Owen Springs Power Station build has meant to their business.
ANSWER
Madam Speaker, I welcome the almost dorothy dixer from the shadow Treasurer, the member for Katherine. I will give you the tip: the clock is ticking on that shadow Treasurer.
Latest figures show the ACT has announced a cash deficit of $144m for 2010-11 and, for 2011-12, a cash deficit of $339m. The opposition still does not get it. They still do not get that jurisdictions across Australia have declining revenue: the GST pool dramatic contraction. They still do not get that jurisdictions across Australia have to spend to support their economy in those all-important economic drivers. They do not get that.
What you need to understand, when it comes to your deficit position and what it is doing to your debt position - whether it is your general public sector or your entire financial liabilities the shadow Treasurer is quoting – is it takes in your Power and Water Corporation debt, for example. You need to understand your ability to service that debt. We are predicting, for 2011-12, a nett financial liability to revenue ratio of 115%. That is less than the 131% we inherited from the CLP.
We are managing our way through a record investment. When you talk about nett financial liabilities, by capturing in the Power and Water Corporation record investment we are literally doing about a $1.8bn build across our power, water and sewerage system.
What are we doing? We are expending the money to close the Larrakeyah sewage outfall into the harbour. We are putting two new generators into Channel Island this calendar year so we have the reliability and redundancy in the system to keep the power strength for both the demand and growth that is coming. By putting in two new generators at Channel Island we will be able to take the six 25-year-old generators off-line through a cycle of repair for a rebuild on those generators.
The clowns opposite do not understand Power and Water Corporation’s investment in the infrastructure in the financial liabilities section of the budget debt, and our investment in the general government sector, is literally creating jobs and supporting Territory businesses. Ask Ross Engineering in Alice Springs what the Owen Springs Power Station build has meant to their business.
Last updated: 09 Aug 2016