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Budget 2014-2015 Budget Overview



Budget 2014-2015 Budget Overview

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Tabled paper 832


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




Tabled by David Tollner


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.




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5Fiscal Outlook Budget 2014-15 Governments Fiscal Strategy Key fiscal target: by 2017-18 the fiscal imbalance in the Territorys non financial public sector is to be eliminated. Assessment: fiscal balance trending to improvement with a deficit of $39million projected in 2017-18. Associated fiscal outcome: by 2016-17 the Territorys general government sector to achieve a net operating surplus. Assessment: the operating balance in 2014-15 is a surplus, two years ahead of the fiscal strategy target. Associated fiscal outcome: by 2016-17, taxation effort in the Territorys general government sector is more on par with the average effort of the states. Assessment: the Territorys revenue-raising effort in 2012-13 is 84percent, from 78 per cent in 2011-12. Associated fiscal outcome: by 2016-17, the Territorys government owned corporation is moving towards commercial rates of return on capital employed. Assessment: the 2016-17 estimate of 5.4 per cent is trending towards the target measure. Associated fiscal outcome: by 2020, the Territorys nonfinancial public sector net debt as a percentage of revenue is approaching 60 percent. Assessment: net debt to revenue is projected to decrease to 65percent in 2017-18. Infrastructure Total infrastructure payments in 2014-15 are estimated to be $1.14 billion, including $799million for capital projects and $335million for repairs and maintenance. Total infrastructure payments remain steady in 2014-15, compared to 2013-14 in recognition of continued strong private sector investment associated with majorprojects. The Budget sector capital works program in 2014-15 is $929million, with 72percent dedicated to housing, roads and transport, and health. Revenue Territory revenue is expected to be $5.4 billion in the general government sector in 2014-15. This comprises around 58 percent GST revenue, 19 percent tiedCommonwealth funding and 23 percent Territory own-source revenue. The projected revenue for 2014-15 from Territory own-source revenue totals $1.2billion with Commonwealth revenue totalling $4.17billion as shown below. Source: Department of Treasury and Finance Expenses In 2014-15, Territory expenses for the general government sector are estimated to be $5.3billion. The key functions of health, education, and public order and safety comprise 58percent of total expenses. Source: Department of Treasury and Finance Taxation revenue $569M GST revenue $3129MCurrent grants $801M Capital grants $240M Sales of goods and services $262M Other $370M Public order and safety 13% Education 20% Health 25%Social security and welfare 6% Housing and community amenities 10% Transport and communications 4% All other functions 22%