Territory Stories

Budget Paper No.1 Speech 2005/2006

Details:

Title

Budget Paper No.1 Speech 2005/2006

Other title

Tabled paper 1689

Collection

Tabled Papers for 9th Assembly 2001 - 2005; Tabled Papers; ParliamentNT

Date

2005-05-03

Description

Tabled By Sydney Stirling

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/284513

Citation address

https://hdl.handle.net/10070/408302

Page content

Speech I move that the Bill be read a second time, and I table the 2005-06 Appropriation Bill and related Budget Papers. Budget 2005 is about backing Territorians. It delivers less tax, local jobs and better skills. Budget 2005 outlines cuts in taxes of $40 million including record payroll tax cuts and record stamp duty cuts. The Martin Government is the most tax reforming government in the Territorys history. We have cut more taxes than any other government. Budget 2005 makes the Territory the lowest taxing jurisdiction in Australia for a business with up to 100 staff. Budget 2005 also provides a significant boost to the task of skilling Territorians. This Budget delivers Jobs Plan 2 with the centrepiece being a commitment to training 10 000 Territorians over the next four years, up 25 per cent since 2000. The Martin Government continues record infrastructure spending with $476 million in Budget 2005. This Budget also fulfils the Martin Governments commitments to a healthier Territory, better education outcomes and a safer community by providing record health, education and police budgets. This year the Budget also includes the Territorys financial commitment to the redevelopment of the Darwin Waterfront and Convention Centre. This development, delivered through a public private partnership, is one of the most significant investments for long-term economic gain that the Territory has ever made. Work will commence shortly on the community infrastructure, which will be substantially completed in 2007, while the Darwin Convention and Exhibition Centre is expected to open in 2008. The tax reforms outlined in this Budget lead the rest of the nation in their support for business. They make the Martin Labor Government the most tax reforming government in the Territorys history. They provide local business with a strong competitive edge against the rest of Australia. On 1 July 2005, the payroll tax threshold will rise to $1 million. Seventy-nine businesses, including 61 locally-based Territory businesses, will no longer pay payroll tax. The Government announces today that, from 1 July 2006, the payroll tax threshold will again rise this time to $1.25 million, the equal best in Australia. From 1 July 2006, a business or group of businesses with wages of less than $1.25 million, will not pay any payroll tax. Fifty-three more locally-based Territory businesses will no longer pay payroll tax. These announcements continue the Governments record payroll tax reforms. Since 1 July 2004, we have doubled the payroll tax threshold, meaning 215 businesses will no longer pay payroll tax. 1