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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3 Speech economy, underpinning private investment expenditure, particularly for engineering works, for the next several years. Other key projects underway include the construction of the new Darwin correctional facility and Marine Supply Base, with work commencing on the INPEX workers village and preliminary site works at Blaydin Point. Economic growth of 3.9percent is forecast for 201213, with household consumption making a positive contribution as consumer confidence grows, reflecting strengthening employment opportunities. The largest contributor to growth is private investment, forecast to increase by 47.9percent to $6.3billion, as expenditure on machinery and equipment, structures and engineering ramp up for the Ichthys and other key projects in the Territory. Strengthening economic growth in 201213 will support further employment growth, forecast up by 2percent, and increases in population, up by 1.6percent, as net interstate migration begins to strengthen with employment opportunities associated with major projects. Madam Speaker, the Henderson Government has delivered the Ichthys project to the Territory through a determined effort and by creating an environment that is open for business. This project will underpin the Territorys economy for years to come and move Darwin one step closer to becoming the oil and gas hub of Australia, creating significant new employment and economic opportunities. Budget Outcome Madam Speaker, although the Territory economy is sound, it is predominantly the level of activity in the Australian economy that influences our ability to fund new and expanded services. In 2011 it was evident that the effects of the GFC, including the credit crisis in Europe, continued to affect the Australian economy. Low levels of investment, increasingly cautious consumers and changing spending patterns towards more GSTfree items have led to significantly lower GST collections this year. Total GST collections in 201112 are now expected to be $3.1billion lower than the Commonwealth estimated in its last Budget and $387million lower than actual GST collections in 201011, only the second time GST collections have declined from the previous year. This means that the Territory will receive $163million less in 201112. Since the start of the GFC, we have lost more than $770million in GST revenue and expect a further $480million less over the forward estimates compared with the 2011 estimates. The lower GST collections have been partly offset by the Territorys increased relativity for 201213, as a result of the Commonwealth Grants Commission 2012 Update. This would have resulted in an additional $83million, however, when the lower GST collections are

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