Territory Stories

Budget 2012-2013 Budget Paper No.1 Speech



Budget 2012-2013 Budget Paper No.1 Speech

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Tabled paper 1783


Tabled papers for 11th Assembly 2008 - 2012; Tabled papers; ParliamentNT




Tabled By Delia Lawrie


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1 Speech Introduction Madam Speaker, I move that the Bill be now read a second time. I table the 201213 Appropriation Bill and related papers. Budget2012 ensures the Territory will maximise benefits from the most significant growth in our history. It builds on the investment the Henderson Government has made to secure the Territorys economic and social futurea future that is very bright. Budget2012 is gearing up for growth and supporting Territory families. The Henderson Government is committed to the twin goals of building a strong, prosperous economy and providing quality services across the Territoryensuring that all Territorians benefit. We have supported the Territory economy through a lull in private investment, with significant additional infrastructure investment to protect jobs and sustain Territory businesses. We have taken a deliberate decision to carry the deficit so that Territorians would be cushioned from the most severe effects of the global financial crisis (GFC). The Territorys economy is now set to boom on the back of the Henderson Governments determined efforts to attract major projects to the Territory and to build a diverse and resilient economy. We have delivered the INPEX project, with the final investment decision announced on 13 January 2012the second largest private sector investment in Australias history. Work has also commenced on the Marine Supply Base that will become the supply and service hub for the oil and gas industry in NorthernAustralia and the region. These projects will underpin our economy for decades and provide firstclass jobs for Territorians and opportunities for local businesses. With these major projects underway, it is time to begin a staged reduction in the Governments significant investment in infrastructure. This will be done responsibly, over the next two to three years, to ensure work continues across our construction sector while major projects pick up. Importantly, our commitment to continuing investment in our regions will not diminish. Since the beginning of the GFC, the Henderson Governments infrastructure spending has almost doubled from $900million in 200809 to $1.7billion in 201011 and $1.6billion in 201112. In Budget2012, infrastructure spending is slightly lower at $1.3billion, but still higher than preGFC levels, making room for growth in private sector investment. The reduction in infrastructure spending continues over the forward estimates and will allow us to step out of deficit in a managed way. Budget2012 is a responsible Budget. Even though GST revenue has

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