Territory Stories

Northern Territory budget papers 2003 - 2004

Details:

Title

Northern Territory budget papers 2003 - 2004

Other title

2003/04 Budget paper

Creator

Northern Territory. Department of Treasury

Collection

Northern Territory budget papers; E-Journals; PublicationNT

Date

2003-05-29

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).; Please Note: This can't be read online. Please download to read the documents

Table of contents

Northern Territory Budget paper No. 01 2003-04 Speech and Appropriation Bill -- Northern Territory Budget paper No. 02 2003-04 Fiscal and Economic Outlook -- Northern Territory Budget paper No. 03 2003-04 The Budget -- Northern Territory Budget paper No. 04 2002-03 Capital Works Program -- Northern Territory Budget paper No. 05 2002-03 Budget Overview -- Budget paper No. 06 2002-03 NT Economy -- Northern Territory Budget paper No. 07 2002-03 Regional Highlights -- Northern Territory Budget paper No. 08 2002-03 Building Territory Business

Language

English

Subject

Appropriations and expenditures; Periodicals; Budget; Finance, Public

Publisher name

Northern Territory Government

Place of publication

Darwin

Volume

2003/04

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/

Related links

https://hdl.handle.net/10070/591859 [LANT: E-Journals: Northern Territory Budget paper No. 01 2003-04 The Speech and Appropriation Bill]; https://hdl.handle.net/10070/591861 [LANT: E-Journals: Northern Territory Budget paper No. 02 2003-04 Fiscal and Economic Outlook]; https://hdl.handle.net/10070/591863 [LANT: E-Journals: Northern Territory Budget paper No. 03 2003-04 The Budget]; https://hdl.handle.net/10070/591865 [LANT: E-Journals: Northern Territory Budget paper No. 04 2003-04 Capital Works Program]; https://hdl.handle.net/10070/591867 [LANT: E-Journals: Northern Territory Budget paper No. 05 2003-04 Budget Overview]; https://hdl.handle.net/10070/591869 [LANT: E-Journals: Northern Territory Budget paper No. 06 2003-04 NT Economy]; https://hdl.handle.net/10070/591871 [LANT: E-Journals: Northern Territory Budget paper No. 07 2003-04 Regional Highlights]; https://hdl.handle.net/10070/591873 [LANT: E-Journals: Northern Territory Budget paper No. 08 2003-04 Building Territory Business]

Parent handle

https://hdl.handle.net/10070/244898

Citation address

https://hdl.handle.net/10070/591861

Related items

https://hdl.handle.net/10070/591865; https://hdl.handle.net/10070/591867; https://hdl.handle.net/10070/591869; https://hdl.handle.net/10070/591871; https://hdl.handle.net/10070/591873; https://hdl.handle.net/10070/591859; https://hdl.handle.net/10070/591863

Page content

Fiscal and Economic Outlook 118 ______________________________________________________________________________________________ Apart from these structures that apply generally to businesses owned by Government, the Territory Insurance Office as a Government business operates under its own legislative framework. In addition, PowerWater as a GOC itself owns two companies that operate under the Corporations Act (Commonwealth). Government Business Divisions Government Business Divisions (GBDs) are included in the Northern Territory Budget Sector. They are declared to be Government Business Divisions by the Treasurer under the Financial Management Act. The Territory Government has been actively pursuing improvements in the efficiency and operation of GBDs since the mid 1990s. The key objective of GBD reform is to reduce Government and business costs, thereby freeing up Government resources for other expenditure priorities, such as retiring debt. The following commercial practices have been implemented for GBDs: full attribution of costs (including tax equivalents); efficient pricing based on costs; commercial accounting, operation under a charter of operations and establishment of an audit committee; identification and budget funding of Community Service Obligations (CSOs), to compensate GBDs for undertaking non-commercial activities at the direction of Government; and performance monitoring. GBDs are required to comply with competitive neutrality principles which ensure a level playing field with private sector counterparts and that resources controlled by GBDs are determined by relative efficiency rather than advantages accruing as a result of Government ownership. GBDs that provide services in competition with private sector businesses may be subject to competitive neutrality complaints. Treasury has been charged with investigating any such complaints and advising the Treasurer and the responsible Minister of the results of such investigations. If a complaint should be upheld, the Government will decide, on a case by case basis, what action should be taken to overcome any net competitive advantage identified by the report. Reform of GBDs is continuous, with the current emphasis building on initiatives to date by encouraging greater commercial focus; improved management practices; additional efficiency and productivity gains; ensuring value for money from expenditure on CSOs; and more rigorous performance monitoring. Government Owned Corporations The Government Owned Corporations Act adopts the shareholder model of corporate governance. It replicates as far as possible the model that applies to private sector businesses operating through a company structure incorporated under the Corporations Act. PowerWater became the Territorys first GOC on 1 July 2002. Key elements of the Territory model include: corporations are established under their own legislation but are governed by the overarching Government Owned Corporations Act (NT) which reflects Corporations Act