Territory Stories

Budget 2014-2015 Budget Overview

Details:

Title

Budget 2014-2015 Budget Overview

Other title

Tabled paper 832

Collection

Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT

Date

2014-05-13

Description

Tabled by David Tollner

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

Place of publication

Darwin

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00864

Parent handle

https://hdl.handle.net/10070/273753

Citation address

https://hdl.handle.net/10070/426367

Page content

4 BUDGET 2014-15 Budget Overview Fiscal Outlook The 2014-15 Budget demonstrates the Governments continued focus on returning the Budget to a balanced position by 2017-18. It presents a significantly improved fiscal position from that projected in the 2013-14 Budget. This improved fiscal outlook has been achieved through a combination of the following factors: increased Territory revenue; additional efficiency measures through improved service delivery; and an improving financial performance of the Power and Water Corporation. These factors have resulted in the general government net operating balance now projected to be in surplus by 2014-15, two years ahead of the fiscal strategy target. In addition, the non financial public sector fiscal balance has improved on average by $170million per annum when compared to the 2013 May Budget. A small fiscal deficit of $39 million is projected in 2017-18, the target year to return the budget to surplus. Improvements in net debt and the net debt to revenue ratio are also projected over the forward estimate period. For 2014-15 the fiscal deficit is projected to be $723 million, $372 million higher than expected in the 2013-14 Budget due to the delay in the completion of the Darwin Correctional Precinct. This increase has been offset by higher revenues. Key Fiscal Indicators 2013-14 2014-15 2015-16 2016-17 2017-18 Estimate Budget Forward Estimates $M $M $M $M $M Net operating balance GGS - 31 63 99 69 1 Fiscal balance NFPS - 395 - 723 - 92 - 53 - 39 Net debt NFPS 3 406 4 066 4 117 4 139 4 159 Net debt to revenue NFPS (%) 58 67 66 65 65 GGS: general government sector; NFPS: non financial public sector Source: Department of Treasury and Finance Non Financial Public Sector Fiscal Balance Source: Department of Treasury and Finance - 1200 - 1000 - 800 - 600 - 400 - 200 0 2013-14 2014-15 2015-16 2016-17 2017-18 2013-14 Budget 2014-15 Budget $M Fiscal Outlook Intergovernmental Financial Arrangements Intergovernmental financial arrangements continue to be of critical importance to the Northern Territory Budget. The major source of revenue to the Territory remains the GST, representing about 58percent of the Territorys total revenue. GST revenue to the Territory in 2014-15 is now expected to be higher than in 2013-14. Total Revenue 2014-15 $M Commonwealth revenue 4 171 GST 3 129 Specific Purpose Payments 297 National Partnership payments 444 Other Commonwealth revenue 301 Own-source revenue 1 200 Total revenue 5 370 Tied Commonwealth revenue is 19per cent of the Territorys total revenue, with the Territorys own-source revenue contributing 23percent. Growth in own-source revenue reflects current economic conditions and results in the following increases in 2014-15: stamp duties of $18.4 million; payroll tax of $34.8 million; and mining royalties of $50.8 million.


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