The Northern Territory Parliament has today passed the 2022-23 Budget.
Budget 2022 aims at attracting new investment, creating new jobs, and maintaining core government services – with a strong focus on making sure that our future growth benefits all Territorians, right across the Territory.
This Budget ensures that the needs of Territorians are met, and enables the supporting elements to be delivered that are critical to ensure success of this record investment.
The Territory’s economy is strong and getting stronger and Budget 2022 ensures all Territorians will benefit.
Since the 2021 Budget all economic indicators have improved.
Budget 2022 forecasts a general government net operating deficit of $253 million in 2022-23. An improvement of $283 million compared to the position forecasted in last year’s Budget, and in aggregate is forecast to improve by nearly $1.4 billion over the four years.
The budget position improves next year and every year thereafter. Importantly, Budget 2022 forecasts a government net operating surplus of $60 million in 2024. This would be the first operating surplus in nearly a decade.
The Budget bottom line is also substantially stronger. The 2022-23 Budget forecasts a fiscal balance deficit of about $1.1 billion – and is forecast to fall to just $17 million in 2025-26. This shows the Budget is heading back to balance and on track for surplus in 2026.
The Territory Budget has improved thanks to higher own-sources revenues, higher GST collections, and the continuation of the Government’s Budget repair strategy.