Territory Stories

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

Details:

Title

Budget Paper No.2 Fiscal and Economic Outlook 2008-2009

Other title

Tabled paper 1293

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2008-05-06

Description

Tabled By Delia Lawrie

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/10070/283912

Citation address

https://hdl.handle.net/10070/410393

Page content

11 The operating result in the general government sector has significantly improved since the original estimates in the 2007-08 Budget for both 2007-08 and 2008-09, with surpluses now forecast of $81 million and $111 million respectively. As mentioned previously, this is primarily due to the allocation of additional revenue to capital as well as operating expenses. In 2008-09, there are increasing levels of Commonwealth funding in both GST revenues and for specific purposes, the most significant of which relates to the Strategic Indigenous Housing Infrastructure Program (SIHIP) that will largely be spent on infrastructure investment. This increased level of tied funding from the Commonwealth for capital purposes has the potential to increase volatility in annual outcomes due to timing differences between receipt of the revenue and the associated expenditure. For a small jurisdiction such as the Territory, this volatility has the potential to materially affect the achievement of fiscal targets in any given year. In contrast to the significantly improved operating position, the fiscal balance deficit shows a smaller improvement in 2007-08 and an increased deficit position in 2008-09. This reflects the increased investment being applied to infrastructure across the Territory in both years and the small differences between accrual and cash movements. The cash outcome represents an improvement of $45 million in 2007-08 and $9 million in 2008-09, compared with that projected in May 2007. The underlying cash outcome of $5 million in 2007-08 includes a $20 million contribution towards future infrastructure and superannuation requirements. In 2006-07, $150 million was set aside for the Territorys superannuation liabilities. Table 2.3 sets out the material variations in both the fiscal balance and cash estimates for 2007-08 and 2008-09 since the May 2007 Budget. For both 2007-08 and 2008-09, there have been significant movements in both revenue/receipts and expense/payments. Changes Since May 2007 Budget General Government


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