Northern Territory budget papers 2003 - 2004
2003/04 Budget paper
Northern Territory. Department of Treasury
Northern Territory budget papers; E-Journals; PublicationNT
2003-05-29
Made available via the Publications (Legal Deposit) Act 2004 (NT).; Please Note: This can't be read online. Please download to read the documents
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
English
Appropriations and expenditures; Periodicals; Budget; Finance, Public
Northern Territory Government
Darwin
2003/04
application/pdf
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
https://creativecommons.org/licenses/by/4.0/
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]
https://hdl.handle.net/10070/244898
https://hdl.handle.net/10070/591861
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
Fiscal and Economic Outlook 126 ______________________________________________________________________________________________ consistent with the cover available through Directors and Officers insurance and the policy of issuing an indemnity rather than purchasing commercial insurance is in line with the Governments self insurance arrangements. The resulting contingent liabilities are considered low risk as Board members are professionals selected on the basis of their expertise and knowledge. Further, the indemnities are restricted to good faith actions only. Indemnities are granted to the Commonwealth Government and other entities involved in funding or sponsoring activities and programs initiated or undertaken by the Territory. Under the indemnities, the Government generally accepts liability for damage or losses occurring as a result of the activities or programs and acknowledges that, while the Commonwealth or another party has contributed financially or provided in-kind support, the Territory is ultimately liable for the consequences of the activity or program. While the resulting contingent liability may, depending on the activity undertaken, not be low risk, the Territorys financial exposure is no greater than would have been the case without funding or sponsorship assistance. The Government has decided to adopt a conciliatory approach to Aboriginal native title and land rights issues. It is uncertain whether this new approach would result in a similar outcome to the previous policy. In 2001-02, the Government extended an indemnity to private sector insurers that provide workers compensation insurance in the Territory. The indemnity is a temporary solution in order to cover insurers for losses which may arise as a result of acts of terrorism. The current indemnity is in place for all workers compensation policies entered into up to 30 June 2003 and expected to be extended to 31 December 2003. The Territory Government also generally self-insures its insurable risk. The size of the Government Budget coupled with the spread of risk, the small size and the high degree of centralisation of Government activities have been considerations in determining that selfinsurance is appropriate. Governments primary exposure is to natural disaster risks that are outside Government control (eg, cyclones). In previous years, where catastrophic natural disasters result in major loss, the Commonwealth Government has provided assistance, even beyond the terms of the National Disaster Relief Arrangements. FINANCE The Territory financial management framework is underpinned by centralised banking arrangements. The sole provider of banking-related services has been granted indemnities under the whole of banking contract. PROPERTY AND BUSINESS SERVICES Agreements for leases or licences of property, plant or equipment generally contain standard indemnity provisions covering the lessor or licensor for any losses suffered as a result of the lease or licence arrangement. Offshore Gas Projects Timor Sea gas is expected to become the preferred and lowest cost gas supply source available in the Territory towards the end of the current decade. Possible sources include Sunrise (450-500 km north west of Darwin), Blacktip (100 km west of Wadeye), Petrel/Tern (250 km south west of Darwin) and perhaps some from Bayu-Undan (500 km generally west of Darwin).