News Northern Territory

NT Gov focuses on strengthening economy under the 2022-23 Budget

Eliza Sayon Jun 28, 2022

2 min read

The Northern Territory Government has passed the 2022-23 Budget, focusing on attracting new investment, creating new jobs, and maintaining core government services for the future growth benefits of Territorians.

“The Territory Labor Government’s Budget 2022, is about investing in new industries and jobs, strengthening essential services, tackling the hard social challenges, and protecting the great Territory lifestyle,” Treasurer Eva Lawler said.

The 2022-23 Budget ensures that the needs of Territorians are met, and enables the supporting elements to be delivered that are critical to ensure the success of the budget’s record investment.

Since the previous year’s budget, all economic indicators have improved. Following this, the 2022-23 Budget further focuses on strengthening the improved economic indicators from last year.

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 a 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.

“Returning the budget to balance and forecast surpluses also means reducing debt. The 2022 budget forecasts net debt to peak in 2024, nearly $2bn less than forecasted previously before net debt starts declining from 2025,” Treasurer Eva Lawler said.

“Importantly, these forecasts do not include almost $40 billion in proposed energy, resource data, hydrogen and commercial projects that are yet to reach final investment decision. As more of these major projects are finalised they will lead to more jobs and further growth in the economy.”

Source: Northern Territory Media Release. Content has been edited for style and length.

Eliza Sayon

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Eliza is a content producer and editor at Public Spectrum. She is an experienced writer on topics related to the government and to the public, as well as stories that uplift and improve the community.