MYEFO – MY Exorbitant Funding Outrage

29 November 2018

The Labor Government is continuing to plunge the Northern Territory into deeper debt and the latest financial report proves we ARE heading towards insolvency.

Opposition Leader Gary Higgins said the Mid-Year Economic Fiscal Outlook (or Mid-Year Report) reflected a deficit worse than expected at $1.5 billion.

"The report shows there are two more years of decline forecast at a slower rate of contraction but there is no reason given for improvement," Mr Higgins said.

"The Government is not living in the real world and their assumption about the outer years appear overly rosy.

"The single biggest reason given for the deterioration in the budgetary position is ‘policy changes’ to the tune of $354 million. These include the $2 million blow out in the Arafura Games budget and $3.5 million to support an art exhibition."

Mr Higgins said Labor was digging an even greater financial hole for the Territory.

"It’s not good enough for the Government to blame GST receipts and the former government," he said.

"The Auditor-General said the Government had been misleading about their GST claims.

"They have had their hands on the Treasury for two years and they have not moved the Territory’s financial position forward one iota – they have driven it all backwards and into the ground.

"Put simply – if you’ve overspent on your credit card, why do you continue to spend outrageously on things that don’t improve your financial situation? That’s what this Government is doing."