The Northern Territory is Bankrupt
NTG is going In hand of the federal government asking for yet another financial bail-out because the present state of finances in the Northern Territory means the government is not sustainable. The Northern Territory government is expanding in order of $4 million a day more than it has in terms of revenue coming in. That is in order of $760,000,000 a year.
The Northern Territory government is broke. It cannot sustain itself. At present the Northern Territory government is borrowing money to pay salaries and entitlements out to people. It is also borrowing to pay the interest bill on previous borrowings. Yet it is still handing out grants to sporting, social and other organisations as if $100 bills were autumn leaves! Where is the sense of accountability and responsibility?
And why would the Chief Minister lie low on the subject for several days before leaving town on overseas holiday?
What For and Where to Now?
Treasurer Nicole Manison is going to Federal Treasurer Josh Fridenberg seeking additional funding as a bailout package.
This is not with standing additional monies that have been acquired by the local government from federal largesse during the past few months.
The Northern Territory government is so broke that it is capable of sustaining only 50% of the programs that has in place.
The Territory is a breadbasket case. In terms of our capacity to run our financial affairs, we have gone from princely management to a position of abject pauperism. We are in dire straits and no bailout will fix our long term profligate attitude. So much money is wasted without thought.
Only a return to management by Canberra will fix the mess in which we find ourselves.