2010-11 Federal Budget
In May the Federal Government handed down an underwhelming 2010-11 Budget, with virtually nothing in it for the Northern Territory. Labor’s plan to return the Budget to surplus within three years relies upon a great big new tax on Australia’s resources sector which will damage jobs and the economy in the Territory. This tax will tear the guts out of not just the mining industry in the Territory, but the substantial service industry surrounding it.
The Federal Member for Solomon should explain why he has completely failed to muster any leverage or credibility in representing the Territory’s interests in Canberra.
I was astounded by the fact many programs had been re-branded and money shifted around which actually resulted is funding being cut. For example, a $46 million flexible funding program to support remote communities was created, but this was funded by slashing $48.3m from the existing Indigenous Communities Strategic Investment funding program, meaning Indigenous communities actually lost $2.3m. Over the next three years, there will be an overall decrease in defence expenditure of $2.42 billion. Despite the Government's repeated announcements on the importance of addressing climate change, there will be major cuts to landcare programs.
The saddest part about all of this is that Territorians will have to share in repaying more than $100 million each day to fund the Government’s reckless and wasteful spending, putting upward pressure on interest rates and the cost of living.
We already have the second biggest deficit since World War II: a massive $40.8b, and this is set to double in the next financial year.
What do you think about the 2010-11 Federal Budget?
