Joint Media Release with the Treasurer The Hon. Scott Morrison MP and
the Member for Solomon Natasha Griggs
The 2016 Budget provides Top End residents the foundation on which the Northern Territory can build a brighter, more secure future, in a stronger, new economy with more jobs.
The Turnbull Government’s economic plan will ensure Australia continues to successfully transition from the mining investment boom to a stronger, more diversified new economy.
The Treasurer, Scott Morrison MP, joined with his CLP colleagues, the Minister for Indigenous Affairs, the Hon Nigel Scullion, and Member for Solomon, Natasha Griggs, to highlight how the 2016‑17 Budget would assist Territorians with targeted spending measures to encourage Growth and Jobs.
“Australia is going through a transition from the mining investment boom to a more diversified economy. The Northern Territory is at the frontline of this transition,” Mr Morrison said.
“The Northern Territory is benefiting from how the Turnbull Government is responsibly managing that transition.
“Our Economic Plan for Jobs and Growth is responsibly investing in infrastructure whilst also guaranteeing real, affordable funding for health and education services in the Northern Territory.”
Mrs Griggs highlighted the good news for local Territorians who work hard in small business, to employ themselves and others.
“Around 19,000 Northern Territory businesses (including 5000 companies and over 13,000 unincorporated businesses) will benefit from lower taxes and increased access to small business concessions as a result of the Budget.
“Our Ten Year Enterprise Tax Plan will boost the economy and help companies to grow and thrive.”
There was also good news for low income earners to assist their savings for retirement.
“More than 13,000 low income earners will receive an effective tax refund of up to $500 as a result of the new Low Income Superannuation Tax Offset (from 1 July 2017 when the current Low Income Superannuation Contribution ceases),” Mrs Griggs said.
“Our personal tax cuts are also a highlight – over 3,300 people in Solomon will be prevented from facing the second top tax rate as a result of the new personal income tax threshold for the middle tax bracket, of $87,000 instead of $80,000.”
Senator Scullion highlighted the contribution infrastructure spending would make to the Northern Territory in coming years.
“The $2 billion National Water Infrastructure Loan Facility will provide loans to the states and territories to support major water infrastructure projects such as dams and pipelines. In addition, the Government has just passed legislation to see its $5 billion Northern Australia Infrastructure Facility start lending to key economic infrastructure projects from July this year.
“In addition our Asset Recycling Initiatives, in partnership with the NT Government, will unlock funds for infrastructure spending, for projects such as Tiwi Island Roads and the Ship Lift and Marine Industries Project.”
The Treasurer also highlighted the threat posed by the election of a Labor Government.
“It is crucial that the Government lives within its means, to balance the budget and reduce the burden of long-term debt which would only raise taxes for NT residents. Labor will only seek to increase taxes and increase spending.”
Commonwealth funding to ALL schools across the Northern Territory will increase by $40.5 million, a 14.2% increase from 2015-16 to 2019-20
Northern Territory Roads Package: total spending of $77 million with $23 million to be provided in 2016–17.
Regional Roads Productivity Package: $90 million with $20.3 million to be provided in 2016–17.
Asset Recyling Program – Northern Territory
Through the Asset Recycling Initiative the Commonwealth is also providing a total of $40.4 million to the Northern Territory towards:
- Ship Lift and Marine Industries Project: $13 million
- T-Gen: $6.5 million
- Flood Mitigation – Darwin: $3.3 million
- Flood Mitigation – Katherine: $2.3 million
- Roper Highway Upgrade: $2.1 million
- Tanami Road Upgrade: $1.3 million
- Litchfield Park Road: $3.7 million
- Larapinta Drive: $3.3 million
- Sadadeen Road: $1 million
- Kambolgie Creek: $0.4 million
- Tiwi Island Roads: $3.5 million