Local News

Coronavirus Hits NT Budget

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The impact of the coronavirus crisis will mean a $1.28 billion jump from previous forecasts in the Northern Territory Government's fiscal deficit to more than $2.28 billion.

Net debt for this year will be $8.25 billion, about $1.35 billion more than previously forecast.

The figures were released in a pre-election budget update on Wednesday.

The steep decline in Australia's GST pool was by far the biggest contributor to the updated budget position, according to NT Treasury.

There had been $649 million reduced from the Territory's revenue base over two years, including $41m for 2019/20 and $608m for 2020/21.

"We are all in the same boat here. Just like the Feds, we are copping a big whack. It's grim, but the alternative is unimaginable. Lost lives and more lost jobs is not an outcome I will ever accept," Chief Minister Michael Gunner said.

© AAP 2020

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