The Finocchiaro CLP Government has officially abolished Labor's debt cap legislation in Parliament tonight.
The move takes essential steps toward repairing the Territory's economy and ensures critical investments in infrastructure and essential services can go ahead.
Treasurer Bill Yan said the decision to repeal Labor's $15 billion debt cap exposed the previous government's deliberate efforts to conceal the Territory's true financial position.
"Labor knew the debt ceiling was breached and deliberately hid it in their Budget papers," said Mr Yan.
"Their own documents clearly stated funding cuts to hospitals, corrections, and domestic, family, and sexual violence programs to artificially manage their spiralling debt.
"Labor's actions were irresponsible and unacceptable. They chose to put critical services at risk rather than admit their financial mismanagement."
Mr Yan reaffirmed the CLP Government's commitment to transparency and fiscal responsibility.
"Repealing this debt cap was not just necessary - it was unavoidable," he said.
"Labor left us with no choice by failing to properly fund essential infrastructure, risking economic instability and halting vital projects.
"Our government refuses to let Labor's negligence undermine economic stability. We are taking immediate action to repair the damage and deliver a stronger, sustainable economic future for all Territorians.
"The CLP Government promised 2025 would be a year of action, certainty and security, and that is what we're delivering."
