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

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%


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.