The budget papers blame the downturn on a $17

Picture: Sitthixay Ditthavong”The territory remains one of Australia’s strongest economic performers,” he said.”In 2018 19, our real gross state product increased by three per cent, the second highest equal growth rate of any jurisdiction in Australia.”Revenue is expected to be down more than $104 million than predicted at the June budget.The budget papers blame the downturn on a $17.6 million decrease in Commonwealth government grants, largely due to lower GST revenue, as well as lower income from land sales. Revenue from GST grants is set to decrease by $245.6 million across the next four years.Net debt for 2019 20, excluding superannuation, is forecast to rise more than $300 million from June projections. Estimates for the 2022 23 net debt have ballooned by almost $1 billion.Mr Coe said the escalating level of debt was alarming.”The fact that we now have debt in the ACT at $3 billion and that’s going to be escalating to $4 billion in just a couple of years should be of real concerns to Canberrans,” he said.”This is a government that cannot manage our finances and their only response is to tax people more and more.”.

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