Peter O'Neill's 2025 Budget Debate Response: In this presentation, former PNG Prime Minister Peter O'Neill critiques the Marape-Rosso government's 2025 Budget. He credits the Somare government for economic growth from 2002 to 2017, driven by high commodity prices. O'Neill criticizes the current government's economic management, highlighting the cancellation of the Purari Energy project and increased budget deficits. He accuses the government of mismanaging funds, leading to excessive borrowing despite high commodity prices. O'Neill points out high debt levels and criticizes the government's four pillars, arguing that inflation remains high, living conditions have worsened, and investor confidence is low. He highlights the lack of independence between the Central Bank and Treasury and criticizes tax concessions to casinos. O'Neill condemns the Connect PNG program and calls for transparency and proper fund allocation. He emphasizes the need to target youth employment and urges the government to stop borrowing excessively and cut interest costs.
BREAKDOWN of Peter O'Neill's Speech in Parliament:
- 00:00 Highlights
- 01:32 O'Neill on Changing Parliamentary Tradition ( 02:37 HUL BLO TREASURER)
- 04:30 State of PNG Economy When Marape Govt Took Over
- 07:11 2011 Economy Under O'Neill After Sir Somare's Government
Critique of Marape/Rosso Government's Four Pillars:
- 10:22 First Pillar: Strong Economy (Papua LNG, Progera Deal, Private Sector Confidence, Tax Concessions)
- 16:00 Second Pillar: Connect PNG Program (CON-ACT)
- 17:44 Third Pillar: Going Rural
- 18:41 Fourth Pillar: Good Governance
- 21:21 Concluding Remarks
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