Latest news with #BillYan
ABC News
13-05-2025
- Business
- ABC News
Live moment: NT debt approaching record $14b by 2029 as CLP delivers first budget
The Northern Territory's net debt will reach more than $12 billion next financial year, with the budget forecasting a further increase to nearly $14 billion by 2029. The Country Liberal Party government's first budget has revealed a deteriorating fiscal position for the territory, which has a population of around 255,000 people. The budget shows the government will have to borrow $265 million to fund its day-to-day operations next financial year, and another $101 million in 2026-27. When infrastructure funding and the financial performance of government corporations are added to the bottom line, the government will run a fiscal balance deficit of $1.3 billion in 2025-26. Overall, the NT's net debt will rise from $10.5 billion this financial year, to more than $12 billion in 2025-26. By 2028-29, the net debt is forecast to hit almost $14 billion. NT Treasurer Bill Yan said the budget "puts crime victims first, prioritises law and order and begins the long task of repairing Labor's mess". Big spends include an additional $305 million for the beleaguered Darwin ship lift project, on top of $515 million already budgeted.
ABC News
09-05-2025
- Business
- ABC News
NT treasurer Bill Yan spends week before first budget at Barramundi Classic fishing competition
The Northern Territory treasurer has confirmed he is attending a five-day fishing competition while on the clock, days out from delivering his first budget. Bill Yan has been volunteering as chief marshal at the Barramundi Classic on the remote Daly River this week, ahead of the release of the NT budget on Tuesday. The budget will be the Country Liberal Party's (CLP) first since winning government in August, when it inherited more than $11 billion in net debt. Since taking power, the CLP has passed legislation removing the territory's $15 billion assessable debt ceiling, noting it would be hit within four years. Speaking to ABC Radio Darwin on Friday, Mr Yan confirmed he had not taken leave to attend the Barramundi Classic. "No, I haven't taken leave, I'm still working while I'm down here doing [marshalling duties] and working at night," he said. "Most of the work on the budget has been done. "I'm able to cover off on both, I've got good staff behind me. Mr Yan said he was a patron and sponsor of the Barramundi Classic, with the 2025 event marking his 13th year volunteering there. Opposition Leader Selena Uibo criticised Mr Yan's attendance at the competition, saying the treasurer should "get out of the boat and back on the job". "We'd all love to be out fishing, but it's unbelievable that the treasurer is out on the water less than a week before delivering his first budget for Territorians," she said. "The CLP made big promises ... but it appears they were all talk, with Minister Yan out reeling in barra instead of reeling in costs for territory households." Attorney-General Marie-Clare Boothby defended Mr Yan on commercial radio station Mix 104.9, noting one of the CLP's "key things" was "restoring the territory lifestyle". "It's very important for [Mr Yan] to stay connected with Territorians. It is a very short time that he is down [at the Daly River], he will be back and deliver an exceptional budget speech." The CLP has already made several budget announcements ahead of Tuesday. Chief Minister Lia Finocchiaro said $1.34 billion would be spent on police, corrections and the Department of the Attorney-General and Justice — $112 million more than in Labor's final budget in 2024. Included in that is $6.6 million to upgrade infrastructure and CCTV at the Joint Emergency Services Communication Centre in Darwin. A multi-year funding agreement for Legal Aid NT, worth $5.5 million per year, has also been announced. Asked what else could be expected in the budget, Mr Yan said money would be "re-prioritised" from some infrastructure projects the previous Labor government had committed to. "From that re-prioritisation, we'll start to look into the future about what the infrastructure program looks like," he told ABC Radio Darwin. 'We've had to re-prioritise and rationalise the building program to make sure we've got the cash there. "Labor only put a very, very small amount in the budget for this upcoming year. It was about $500 or $600 million short of being able to deliver on that infrastructure program. "We've had a look at every budget across all the agencies to make sure we're delivering for Territorians, making sure we're hitting those safety issues, those lifestyle issues and restoring our economy."
Yahoo
04-03-2025
- Business
- Yahoo
Australia to Hold Talks Over Future of China's Darwin Port Lease
(Bloomberg) -- Australian officials will meet with local authorities this week to discuss the future of the Port of Darwin, currently leased for 99 years to Chinese-owned company Landbridge Group, as concerns remain over foreign ownership of the strategic asset. Cuts to Section 8 Housing Assistance Loom Amid HUD Uncertainty How Upzoning in Cambridge Broke the YIMBY Mold Remembering the Landscape Architect Who Embraced the City NYC Office Buildings See Resurgence as Investors Pile Into Bonds Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park Representatives from the Northern Territory government will travel to Canberra on Thursday to discuss the port and 'steps necessary to secure its future,' according to a statement released Tuesday by NT Treasurer Bill Yan. He called for clarity from Prime Minister Anthony Albanese on possible funding for Darwin Port. 'We've been doing our due diligence now over many, many months to make sure that what we do around Landbridge and any acquisition of the port is done in the correct manner,' Yan told reporters on Tuesday. Federal and territory authorities have been discussing how to deal with uncertainty around the port since November, when reports first emerged of potential financial difficulties at Landbridge. In an emailed statement on Tuesday, Landbridge Australia Non-Executive Director Terry O'Connor said the Port of Darwin isn't for sale. 'The minister's announcement today has come as a surprise and I can confirm that Landbridge and Darwin Port have not been involved in any discussions on the matter,' he said. The Northern Territory government originally approved the lease to the Chinese company, a decision criticized by then President Barack Obama as Darwin — on the doorstep of a Southeast Asian region that's increasingly being contested by China — is also a base for thousands of US Marines. The federal government later changed laws that would allow it to force states and territories to cancel new or existing agreements with foreign governments. Still, a Department of Defence review that began in 2021 found that there were no national security concerns as a result of the deal. One of Albanese's lawmakers in the Northern Territory, Luke Gosling, told Sky News on Monday that the government is looking at buying the port back from Landbridge, potentially with 'a mix of federal government funds and institutional investors.' 'We can return the port to Australian hands where it should be and we can start to make the most of our strategic position in the Indo-Pacific,' Gosling said. The Labor lawmaker also questioned whether Landbridge was meeting its obligations under the terms of the lease. Asked at a press conference in Sydney on Tuesday, Albanese didn't confirm or deny whether he was considering using federal money to buy back the port. 'We wouldn't have sold it in the first place,' he said. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? The US Is Withdrawing From Global Health at a Dangerous Time Trump's SALT Tax Promise Hinges on an Obscure Loophole Snack Makers Are Removing Fake Colors From Processed Foods OXO Fought Back Against the Black Spatula Panic. People Defected Anyway ©2025 Bloomberg L.P.
Bloomberg
04-03-2025
- Business
- Bloomberg
Australia to Hold Talks Over Future of China's Darwin Port Lease
Australian officials will meet with local authorities this week to discuss the future of the Port of Darwin, currently leased for 99 years to Chinese-owned company Landbridge Group, as concerns remain over foreign ownership of the strategic asset. Representatives from the Northern Territory government will travel to Canberra on Thursday to discuss the port and 'steps necessary to secure its future,' according to a statement released Tuesday by NT Treasurer Bill Yan. He called for clarity from Prime Minister Anthony Albanese on possible funding for Darwin Port.
