A plan to fix the budget
Today, 16 April 2019, the NT Government has a plan to fix the budget.
Following the structural change in the Northern Territory’s fiscal position, largely driven by unprecedented reductions in the Territory’s largest revenue source (GST), moderating economic conditions and increasing service demands, it was necessary for the government to revise its fiscal strategy and progress a range of systemic whole of government reforms to return the budget to a sustainable position over the medium to long term.
In November 2018, the Territory Government established the independent Fiscal Strategy Panel to assess the Territory’s fiscal outlook and develop a plan for budget repair. The panel’s Interim Report was publicly released in December 2018, and the panel subsequently consulted with stakeholders and the broader community in developing a plan for budget repair for government.
Today, the Chief Minister released the Fiscal Strategy Panel’s A plan for budget repair: Final report, and the government’s response to the report’s recommendations, outlining the government’s plan to fix the budget to return to balance/surplus over the medium term.