Territory Stories

Budget papers 2010 - 2011

Details:

Title

Budget papers 2010 - 2011

Other title

2010/11 Budget paper

Creator

Northern Territory. Department of Treasury

Collection

Northern Territory budget papers; Reports; PublicationNT

Date

2010-05-04

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Appropriations and expenditures; Periodicals; Budget; Finance, Public

Publisher name

Northern Territory Government

Place of publication

Darwin

Volume

2010/11

File type

application/pdf

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0/

Parent handle

https://hdl.handle.net/10070/244913

Citation address

https://hdl.handle.net/10070/591565

Related items

https://hdl.handle.net/10070/591566; https://hdl.handle.net/10070/591568; https://hdl.handle.net/10070/591570; https://hdl.handle.net/10070/591556; https://hdl.handle.net/10070/591558; https://hdl.handle.net/10070/591560; https://hdl.handle.net/10070/591562

Page content

4 Fiscal Outlook 2010-11 Budget Fiscal Outlook Governments Fiscal Strategy Sustainable Service Provision Target: Expenditure growth not to exceed revenue growth, excluding tied Commonwealth funding. Assessment: Return Budget to surplus once economy improves. Infrastructure for Economic and Community Development Target: Maintain total public sector infrastructure investment at appropriate levels. Assessment: Infrastructure spending of at least twice depreciation expenses on average over the current economic cycle and at least equal thereafter. Competitive Tax Environment Target: Ensure Territory taxes and charges are competitive with the average of the states and territories. Assessment: Taxation effort below the state average. Prudent Management of Debt and Liabilities Target: Reduce debt to pre-GFC levels once the economy rebounds. Assessment: Once economy improves, debt levels to reduce on average by 5 per cent per annum of additional debt incurred since 2007-08. The 2010-11 Budget invests significantly in infrastructure in order to stimulate the Territory economy and protect jobs while planning to return the Budget to a surplus position over time. The fiscal highlights in the 2010-11 Budget include: operating surpluses maintained for all forward years; substantial infrastructure investment in 2010-11 of $1817 million, and remaining higher than long term trends in all forward years; cash outcome and accrual fiscal balance in deficit over the economic cycle but trending to improvement by 2013-14; and the ratios of net debt and net financial liabilities to revenue to increase as a result of significant infrastructure investment and prevailing economic conditions while remaining below 2001-02 levels. The fiscal outlook of the Territory continues to be affected by constrained revenue growth despite the national economy moving into a recovery phase, and the outcome of the Commonwealth Grants Commissions major review of GST relativities. The current outlook means that achievement of fiscal strategy targets, will continue to be a challenge to the Territory, requiring ongoing expenditure restraint in addition to the budget improvement measures included in the 2010-11 Budget. General Government Fiscal Aggregates 2009-10 2010-11 2011-12 2012-13 2013-14 Estimate Budget Forward Estimates $M $M $M $M $M Operating Result 371 441 98 56 57 Fiscal Balance - 186 - 310 - 211 - 115 - 81 Cash Outcome - 137 - 268 - 173 - 90 - 61 Note: surplus (+), deficit (-) Net Debt and Net Financial Liabilities (NFL) General Government Sector Year Ended 30 June 2008 2009 2010 2011 2012 2013 2014 Net debt ($M) 887 837 901 1 256 1 442 1 567 1 680 Net debt to revenue (%) 23 20 20 26 32 36 37 NFL ($M) 3 381 3 749 3 851 4 264 4 507 4 676 4 828 NFL to revenue (%) 87 90 84 89 102 106 108 Lowest Taxes Budget 2010-11 continues the Territory Governments commitment to cutting business expenses, maintaining the lowest level of tax on businesses in Australia. For businesses with wage costs of up to $5 million, the Territory has the most competitive payroll tax scheme, with the Governments tax reform strategy delivering cumulative savings of $291 million to small and medium businesses since 2001. 250 300 350 400 450 $(000) NSW ACT Tas WA Qld Vic SA NT State average = $365 865 Recurrent Taxes on Businesses with 100 Employees


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.