Budget update ‘would be fake’
THE NT Government has refused to release a budget update similar to what has been done in Tasmania because it wants “real numbers”, not “fake numbers”.
Tasmanian Premier Peter Gutwein on Friday released a bombshell budget update revealing the state’s economy would suffer the sharpest decline on record due to the coronavirus pandemic.
The Apple Isle’s economic and fiscal outlook report made clear it had been prepared in a “highly uncertain” environment, relied heavily on assuming certain outcomes and therefore was subject to ongoing review and changes.
Mr Gutwein, in delivering the bad news, said it was important not to sugar-coat it.
However, the NT Government has repeatedly refused to commit to releasing a budget or updated forecasts prior to the August election.
Treasurer Nicole Manison said the Government had a duty to put out “accurate information and not make stuff up”.
“Tasmania’s estimates have been put together in a period of great uncertainty and throughout the report there are references to why their numbers could be wrong,” she said.
“We want real numbers, not fake numbers, so we can make the best decisions to protect Territorians.”
The largest individual slice of revenue for NT and Tasmania comes from the Commonwealth via GST and other grants, about 70 per cent and 62 per cent respectively.
The NT Government has said a major issue is not knowing what will happen to its GST revenue.
The Tasmanian Government estimates its GST revenue could fall by $309 million this financial year and $357 million next financial year, with a total fall in government revenue of $1 billion.
Unlike the NT, which is saddled in net debt projected to be north of $7 billion this financial year, Tasmania has had no net debt since 2003-04 – until now.
Tasmanian net debt is now forecast to rise from $645 million in 2019-20 to $2.3 billion in 2021-22.
Opposition Leader Lia Finocchiaro said the Gunner Government was using COVID-19 to avoid doing anything that could affect its political chances.
“The truth is the Chief Minister doesn’t want to show the books to Territorians because he’s frightened of them,” she said. “He’s putting his political protection above scrutiny.”