The Northern Territory has by far the country's highest levels of net debt per capita, and it's on track to keep growing. The financial pressures have prompted the NT government to scrap a $15 billion debt ceiling.
The Northern Territory government is set to scrap a $15 billion debt ceiling during February parliament sittings.
In theory, the ceiling was meant to limit the amount the government was authorised to borrow, to fund activities, services and investments. But on Tuesday, Mr Yan said the $15 billion debt ceiling was on track to be hit in the 2028-29 financial year, and therefore the government would legislate to remove it when parliament resumes next week.
Mr Yan also said the government's bottom line had been dealt a further blow after the CLP found NT public service shift workers had been underpaid between $20 million and $30 million, dating back to 2013. "My understanding is that it may be in excess of $20-30 million across the public sector and this is another legacy issue from the previous government that we're going to have to fix and clean up," he said.
But Mr Yan said to avoid breaching the current debt cap, the CLP would need to cut $1.8 billion dollars over four years — which he said would be the equivalent of cutting 400 public service jobs annually."We would cripple the territory; it would cripple our economy and it would send the territory backwards."
Ceiling Clp Cap Government Scrap Public Service Nt Northern Territory Treasury Treasurer Debt Ceiling Debt Limit Debt Cap Bill Yan
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