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 28 _______________________________________________________________________________________________ Net Debt Plus Employee Liabilities as a Proportion of Revenue Unfunded employee entitlements, consisting largely of unfunded superannuation, are a major liability for the Territory and most States. Traditional superannuation schemes were based on defined benefits that were not paid until retirement and not funded until benefits were payable. In line with an increasing recognition that previous methods were not appropriate, most governments have reviewed their superannuation arrangements and have closed these schemes in favour of fully funded arrangements. Some States have also decided to partially fund past liabilities. In the Territory, fully funded superannuation arrangements were introduced for new employees from August 1999. Unfunded liabilities associated with the old unfunded schemes are estimated to peak in 2006 and then decline to zero in about 2060. A broader measure than superannuation liabilities is employee liabilities, which includes all other employee entitlements such as workers compensation and long service leave. The sum of net debt and employee liabilities provides a comprehensive measure of the Territorys overall liability position. Table 3.10 shows that the Territory has the highest level of net debt plus employee liabilities in 2003-04, at 130 per cent of total revenue. TABLE 3.10: NET DEBT PLUS EMPLOYEE LIABILITIES TO REVENUE NON FINANCIAL PUBLIC SECTOR 2001-02 2002-03 2003-04 % % % New South Wales 89 94 96 Victoria 70 72 78 Queensland 56 64 66 Western Australia 78 81 86 South Australia 90 89 n.a. Tasmania 125 131 n.a. Australian Capital Territory 38 54 59 State Aggregate 77 82 n.a. Northern Territory 133 132 130 Source: NT Treasury, State Mid-Year, Budget and Outcome reports. During 2002-03, the Territory committed to decreasing its unfunded employee liabilities by contributing $10 million annually from 2003-04. However, the recent performance of equity based investments has caused the Territory to reconsider its position and use additional capacity to reduce net debt until the options have been more comprehensively examined. Table 3.11 shows the impact of the Governments deficit reduction strategy and commitment to prudently manage unfunded liabilities. This will gradually reduce the Territorys net debt and employee liabilities towards the level of the other States. TABLE 3.11: NORTHERN TERRITORY NET DEBT PLUS EMPLOYEE LIABILITIES NON FINANCIAL PUBLIC SECTOR 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 Net Debt plus Employee Liabilities ($M) 3 466 3 619 3 637 3 676 3 666 3 655 To Total Revenue (%) 133 132 130 130 123 119 Source: NT Treasury