NT: NT Govt raises no taxes in Budget
DARWIN, Aug 20 AAP - The Northern Territory government will increase spending in health,education and capital works without raising taxes in its first full-year Budget.
The Budget delivered today would provide some tax breaks calculated to stimulate thehousing and business sectors.
The stamp duty concession threshold for first-home buyers would be increased from $80,000to $125,000, stamp duty on franchises reduced from up to 5.4 per cent to 0.5 per centand the payroll tax rate reduced from 6.5 to 6.3 per cent.
The deficit for 2001-02 will fall by $22 million to $117 million, following the $139million estimated in the mini-budget in November last year.
The deficit forecast for the current financial year increased by just $1 million fromthe November estimate of $94 million. The government forecasts a balanced Budget in 2004-05.
The capital works cash allocation rose 29 per cent on last year to $333 million, whichChief Minister and Treasurer Clare Martin described as the largest investment in territoryinfrastructure since self-government in 1978.
"The increase in capital works spending will further promote economic development andprovide a much-needed stimulus to our construction industry," Ms Martin told the parliament.
"Reducing taxes will also promote greater business activity, particularly in the residentialhousing market."
Health spending was boosted by four per cent to $527 million and funding for employment,education and training increased by three per cent to $505 million.
Economic growth for last year - estimated at five per cent in November, plummeted to1.7 per cent because Timor Sea oil exports halved.
Gross state product is expected to rise by 3.7 per cent this year with solid growthin household spending.
The $2.3 billion Budget is the first in the territory using output-based budgetingand accrual accounting - a system now used by every Australian government except Tasmania.
AAP rmg/was/mo
KEYWORD: BUDGET NT
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