Chief Minister, Terry Mills, has released details of the Government’s planned review of the Territory’s finances.

 

Mr Mills said the Renewal Management Board will have six months to examine the state of the Territory’s finances and provide options for Government on how to return to a balanced budget during the first term.

 

The make-up of the Board is:

  • Neil Conn (Chair)
  • Ken Clarke (Deputy Chair)
  • John Gardner (Deputy Chair)
  • Alan Tregilgas (Under Treasurer)

 

“The Board has an enormous task ahead sorting through the previous Government’s priorities and restructuring the Territory’s finances,” Mr Mills said.

 

“My Government is committed to reducing waste and making frontline service delivery a priority.

“The Board will examine the financial position of the Northern Territory budget and Government owned corporations as well as taxpayer contributions to projects such as the marine supply base, prison and Darwin waterfront.

 

“Key to the Board’s investigations will be the long term sustainability of spending and revenue programs, the budget’s capacity to fund infrastructure development and a plan to strengthen the Territory’s underlying financial position.

 

“By the Government’s own estimates the Territory’s debts will be approximately $5.6billion including Government Owned Corporations by the end of the forward estimates period.

 

“Former Treasurer and Opposition Leader, Delia Lawrie, ran the Territory’s finances into the ground without improving the quality of service delivery or outcomes for taxpayers.

 

“The Pre-Election Financial Outlook warned the then Labor Government of the need to change the Territory’s fiscal direction.

 

“The Country Liberals intend to adopt the measures outlined in the PEFO and take steps to bring spending more in line with our earnings.”