Government Debt in the ACT
Peter Cain MLA is interested in hearing your thoughts on the Labor-Greens Government's record on debt and deficit.
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Did you know that by 2026, the Territory's debt will be $17.44 billion?
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Did you know the ACT will be paying $614.15 million every year in interest expenses on debt by 2026?
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Did you know that the ACT Government Budget Deficit (the Headline Net Operating Balance) in 2023/24 is forecast to be $442.7 million?
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Did you know that the superannuation liability for the ACT Government will be a further $10.3 billion by 2026/27?
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Debt and Deficit Factsheet
The ACT Government 2022/23 Budget Review, released in March 2023, shows the following alarming information about the level of ACT government indebtedness on P104:
- By 2026/27, Total Territory Borrowings (debt) will be $17.4 billion (Table 3.8.8 P283)
- Based on almost 175 000 private dwellings in the ACT (2021 Census), this is the equivalent of almost $100 000 of debt per household
- Interest Expense on Total Territory Borrowings will be $614.15 million in 2026/27 (Table 3.8.9 P283)
- That equates to more than $1.6 million in interest payments every day.
- The Deficit (the Headline Net Operating Balance) in the 2022/23FY is forecast to be $460 million. (Table 1.1.2 P10)
When you thought this state of affairs couldn’t look any worse, there is the superannuation liability of the ACT Government’s workforce. Looking at the 2023/24 Budget released in June 2023, superannuation liability will be a further $10.3bn in 2025/26. (Table 3.8.7 P282)
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