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  "documentTitle": "National Budget 2024/25 For Our Humanity: Now's the time to work together.",
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      "text": "All of this high level work of budget allocations must now be converted to the hard work of effective and efficient implementation.",
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      "text": "Government debt: PGK66.5 billion",
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      "text": "However, the focus needs to be on the efficient and effective delivery of well-directed public expenditure programs, to ensure the community benefits from the commitment of finite Government financial resources. The Treasurer acknowledged this in his remarks at the Budget Lock-Up, observing that “all of this high level work of budget allocations must now be converted to the hard work of effective and efficient implementation”. What is needed to support this is a continued focus on building capable institutions with strong governance, to give the community confidence that budget expenditure commitments are being faithfully and effectively delivered.",
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      "text": "The continued commitment of the PNG Government to this fiscal strategy is commendable, even if there remains some question about the reliability of the budget's forecasts. The 2024 budget outcome was plagued by unbudgeted expenditures and other commitments, which fortuitously were offset by similarly unbudgeted revenue gains. Without those unbudgeted and unexpected revenue gains, the credibility of the Government's fiscal strategy would have been in jeopardy.",
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      "text": "Unfortunately, the reality of living standards for Papua New Guineans in recent times has fallen short of this ambition. As measured by real per capita non-resource sector GDP, today's living standards are only half-way back to the level they were in 2012. While inflation has eased, cost of living pressures remain sharply felt, and law and order continues to be a significant community (and business sector) concern.",
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      "text": "Expenditure in health, education and security, as articulated in the 2025 budget, is needed to facilitate the economy's transition towards a higher reliance on human and physical capital, rather than resources. This is well-recognised as the best and most sustainable pathway to improve economic and community outcomes for emerging market and developing economies.",
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      "text": "PNG is endowed with abundant natural resources, a young and rapidly growing population, and proximity to fast-growing east Asian markets. The Government has an aspiration to lift PNG to be an upper middle income country by 2030, with an economy exceeding PGK200 billion.",
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      "text": "Realistically, maintaining expenditure discipline once a budget surplus has been achieved will prove difficult, requiring political will to prioritise debt reduction over pressing community expenditure demands. A more sustainable fiscal strategy would be to define some policy guard-rails around the sustainable level of Government borrowings, allowing a future PNG Government flexibility to continue to invest in infrastructure and other initiatives which support economic growth, and which can then be repaid from that growth dividend.",
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      "text": "The PNG economy remains challenged by its exposure to macroeconomic volatility, low productivity growth and a high reliance on the resources sector, and indeed to the fortunes of specific projects within the resources sector.",
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      "text": "The Government's fiscal strategy of moderate expenditure growth, outpaced by increases in tax and other revenues, is on track to return the budget to surplus by 2027. This would allow Government debt to peak in the year prior (at around PGK66.5 billion), and fall each year thereafter. Beyond 2027 the Treasurer's medium-term projections are that Government debt could be repaid entirely by 2034 – within a decade!",
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      "text": "All of this high level work of budget allocations must now be converted to the hard work of effective and efficient implementation. — The Treasurer",
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      "text": "Looking forward to 2030 and beyond",
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