Mr GUNNER - 2012-05-01
Can you please update the House on how Budget 2012-13 keeps the Territory gearing up for growth and supporting Territory families?
ANSWER
Madam Speaker, I welcome the question from the member for Fannie Bay. We are gearing up for growth, supporting Territory families, and are forecasting our economy in 2012-13 to grow by 3.9% as we enter the most significant phase of growth in our history. Deloitte Access Economics predicts the Territory will have the second-fastest growing economy over the next five years, averaging 4.4% economic growth.
There is no doubt the 2011-12 year has been turbulent for the global economy. The European debt crisis has been reverberating around the world. While Australian fundamentals are among the best in the developed world, consumer confidence has been rocked. Nationally, private investment has been largely withdrawn and those cautious consumers are changing their spending patterns to spend on GST-free items like health, food and education. Since the start of this GFC, we have lost more than $770m in GST revenue. We are forecasting a further $480m loss in GST revenue across the forward estimates.
An inexperienced government might be spooked by this and make drastic cuts to pursue a surplus. We made a deliberate and responsible decision to support the economy and protect jobs through record infrastructure program spending until private sector investment picks up.
To achieve a surplus, we would have cut infrastructure by 40%, 1000 Territorians would have been unemployed, there would have been a handbrake on our economic growth, and businesses would have closed their doors.
Our continued infrastructure stimulus across our budgets has paid off, with nearly 13 000 jobs created in the Territory since the global financial crisis hit. We have maintained low unemployment. We have kept our skilled workforce in the Territory. There is an article in The Australian today where Tony Abbott is throwing his support behind Coalition-held states - those southern Liberal states are pushing for the GST revenue to be split on a per capita basis. We have Tony Abbott, the Liberal in Canberra, lining up with his Liberal mates, the premiers of the Liberal states, to try to rip $2.4bn out of Territory revenue.
Leader of the Opposition, explain where you are with your mates in Canberra, your Liberal mates, and your mate, Barry O’Farrell, who you brought here to launch your campaign? Do you want to stand by them and see $2.4bn ripped out of Territory revenue …
Mr MILLS: A point of order, Madam Speaker! Though I cannot prefix this by a number, I ask the honourable member direct her comments through the Chair. It is quite intimidating.
Members interjecting.
Madam SPEAKER: Order! Treasurer, can you …
Members interjecting.
Madam SPEAKER: Order!
Ms LAWRIE: I call on the Leader of the Opposition to say whether he supports Tony Abbott trying to rip $2.4bn out of Territory revenue.
ANSWER
Madam Speaker, I welcome the question from the member for Fannie Bay. We are gearing up for growth, supporting Territory families, and are forecasting our economy in 2012-13 to grow by 3.9% as we enter the most significant phase of growth in our history. Deloitte Access Economics predicts the Territory will have the second-fastest growing economy over the next five years, averaging 4.4% economic growth.
There is no doubt the 2011-12 year has been turbulent for the global economy. The European debt crisis has been reverberating around the world. While Australian fundamentals are among the best in the developed world, consumer confidence has been rocked. Nationally, private investment has been largely withdrawn and those cautious consumers are changing their spending patterns to spend on GST-free items like health, food and education. Since the start of this GFC, we have lost more than $770m in GST revenue. We are forecasting a further $480m loss in GST revenue across the forward estimates.
An inexperienced government might be spooked by this and make drastic cuts to pursue a surplus. We made a deliberate and responsible decision to support the economy and protect jobs through record infrastructure program spending until private sector investment picks up.
To achieve a surplus, we would have cut infrastructure by 40%, 1000 Territorians would have been unemployed, there would have been a handbrake on our economic growth, and businesses would have closed their doors.
Our continued infrastructure stimulus across our budgets has paid off, with nearly 13 000 jobs created in the Territory since the global financial crisis hit. We have maintained low unemployment. We have kept our skilled workforce in the Territory. There is an article in The Australian today where Tony Abbott is throwing his support behind Coalition-held states - those southern Liberal states are pushing for the GST revenue to be split on a per capita basis. We have Tony Abbott, the Liberal in Canberra, lining up with his Liberal mates, the premiers of the Liberal states, to try to rip $2.4bn out of Territory revenue.
Leader of the Opposition, explain where you are with your mates in Canberra, your Liberal mates, and your mate, Barry O’Farrell, who you brought here to launch your campaign? Do you want to stand by them and see $2.4bn ripped out of Territory revenue …
Mr MILLS: A point of order, Madam Speaker! Though I cannot prefix this by a number, I ask the honourable member direct her comments through the Chair. It is quite intimidating.
Members interjecting.
Madam SPEAKER: Order! Treasurer, can you …
Members interjecting.
Madam SPEAKER: Order!
Ms LAWRIE: I call on the Leader of the Opposition to say whether he supports Tony Abbott trying to rip $2.4bn out of Territory revenue.
Last updated: 09 Aug 2016