Prime Minister Peter O’Neill says the Government will not increase new taxes.
He said in Brisbane yesterday when outlining that the 2015 Budget will be revised through a Supplementary Budget which will be introduced in October and that the Government will adjust downwards, economic growth that was projected at 15.5 per cent for up to 11 per cent this year. At the Summit O’Neill also said that the key economic indicators in PNG were stable, inflation outlook for 2015 and 2016 is now at 4.9 per cent, which is a downward revision from the 2015 Budget estimate of 5.5 per cent. He said that the Government will be responsible in adjusting economic projections, including the 2015 Budget. "The outlook for Papua New Guinea is positive,” Prime Minister Hon. Peter O’Neill said. "We are in a period of growth and economic expansion that has never been seen before," he added. "At the same time, our GDP growth, and other areas such as government revenue, have been impacted by global factors beyond our control. The downturn in the commodity prices is affecting Papua New Guinea and the 2015 Budget - just like other countries in the world. "The Government will be responsible in adjusting economic projections, including the 2015 Budget. We will continue to monitor developments in commodity prices, and undertake adjustments in a responsible manner. "Our Government is determined to ensure that external factors do not impact on our core policy areas – of free education, the provision of universal healthcare, improving law and order, and investing in key economic infrastructure," he said. "Added to this, let me say there is no intention by this government to increase any new taxes in Papua New Guinea. We will adjust downwards, economic growth that was projected at 15.5 per cent to 11 per cent this year. "
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