June 13, 2024

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NT opposition delivers 2024 budget reply, promising first homebuyer grants and payroll tax changes

3 min read

The Northern Territory opposition has delivered its budget reply ahead of August’s territory election, promising to slash the jurisdiction’s largest source of tax revenue despite the NT’s net debt sitting at a record level.

Opposition Leader Lia Finocchiaro did not detail any savings measures during her budget reply speech on Wednesday morning, instead announcing her Country Liberal Party (CLP) would raise the payroll tax-free threshold from $1.5 million to $2.5 million.

The NT’s threshold is currently the equal second highest in Australia, according to the Department of Treasury and Finance, meaning the majority of small businesses already don’t pay payroll tax.

Ms Finocchiaro said the change would mean more than 1,300 business would save up to $55,000.

This would leave a $40 million hole in the territory’s coffers.

It comes as the NT budget on Tuesday revealed a record net debt of $9.4 billion, which is set to rise to $11 billion next financial year. 

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