Territory Stories

Questions Day 1 - Tuesday 11 February 2014



Questions Day 1 - Tuesday 11 February 2014

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Parliamentary Record 10


Questions for 12th Assembly 2012 - 2016; ParliamentNT; Parliamentary Record; 12th Assembly 2012 - 2016




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Legislative Assembly of the Northern Territory



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QUESTIONS Tuesday 11 February 2014 544 borrowing costs. It also results in a legacy of debt for future generations, something Labor did not care about. They broke their own Fiscal Integrity and Transparency Act, an act they put in place to stop just this type of thing happening. The former Territory Labor government left a debt to income ratio of 98%. This government has been tasked with addressing this serious issue while simultaneously driving economic growth across the Territory. The debt to revenue ratio will reduce to approximately 80%, which is a massive reduction of 18%. The problems with excessive debt and its deleterious effects can be witnessed in Europe, particularly southern parts of Europe, namely Italy, Greece and Spain which are crumbling under the mountains of debt created by fiscally irresponsible governments. In these countries the debt to income ratios exceeds 100%. Stability and predictability are only attainable while the Territorys finances are in balance and sustainable, which is why this government is so committed to getting back to living within our means. With a very quickly and rapidly growing economy, it does not take long for our capacity in essential services to be eaten up. Our services of health, education, roads, bridges, new power generation and new sources of water all need to be funded into the future, and when you have the sort of debt Labor created, delivering those services into the future becomes very difficult. We know Labor did not want us to cut government spending. We know Labor did not want us to sell assets and raise taxes. Their answer is to go further into debt. This is the only thing remaining - for Labor to go future into debt Madam SPEAKER: Minister, you time has expired. Mr ELFERINK (Leader of Government Business): Madam Speaker, I ask that further questions be placed on the Written Question Paper. Ms Lawrie: Could not help but run out, Adam. Madam SPEAKER: Opposition Leader! Mr ELFERINK: A point of order, Madam Speaker! She knows the rules. Madam SPEAKER: I ask the member to withdraw Ms Lawrie: I withdraw, Madam Speaker. Madam SPEAKER: Thank you.

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