Ms ANDERSON - 2014-02-11
Is it true that the Northern Territory continues to lead the nation in economic growth in 2014?
ANSWER
Madam Speaker, I thank the member for Namatjira for her question. She is a great advocate of driving economic growth in the Northern Territory and in her electorate of Namatjira.
Before addressing the state of economic growth in 2014, it is worthwhile reminding ourselves of the impressive economic growth rates we saw in 2013 under the Country Liberals government. In 2012-13, the NT economy grew by 5.6%. This was much higher than anticipated in the May 2013 budget. It was due, in a large part, to the policies of this Giles Country Liberals government. It was higher because we saw new opportunities created, new mines and the pastoral industry get up and running, which increased consumer confidence. We saw higher household consumption and a larger than expected trade surplus.
In its December 2013 Business Outlook publication, Deloitte Access Economics forecast the Territory will grow by 4.9% this financial year. Deloitte is forecasting the Territory will grow, as I said, at 4.7% between 2013-14 and 2017-18.
This is the highest growth rate of all jurisdictions in Australia, and we are the envy of the nation.
Mr McCarthy: Stop the cuts then! Stop cuts to teachers.
Mr TOLLNER: Here we go, an interjection. You talk about stopping cuts. The fact of the matter is we were left in diabolical circumstances as far as government finances are concerned.
This year, we are spending $1.1bn more than we get in income and these guys on the other side seem to think it is fine.
As a government, we are driving economic growth, supporting private industry and, at the same time, reducing government spending where we have to so we can start living within our means.
Deloitte Access Economics expects future growth in the Territory to be driven by international exports, private housing investment, private sector consumption, private equipment investment and retail. It is enormously good news issued by Deloitte, and it is an endorsement of this government’s approach to sound economic management, delivering a stronger economy in the Territory.
Madam SPEAKER: Minister, your time has expired.
ANSWER
Madam Speaker, I thank the member for Namatjira for her question. She is a great advocate of driving economic growth in the Northern Territory and in her electorate of Namatjira.
Before addressing the state of economic growth in 2014, it is worthwhile reminding ourselves of the impressive economic growth rates we saw in 2013 under the Country Liberals government. In 2012-13, the NT economy grew by 5.6%. This was much higher than anticipated in the May 2013 budget. It was due, in a large part, to the policies of this Giles Country Liberals government. It was higher because we saw new opportunities created, new mines and the pastoral industry get up and running, which increased consumer confidence. We saw higher household consumption and a larger than expected trade surplus.
In its December 2013 Business Outlook publication, Deloitte Access Economics forecast the Territory will grow by 4.9% this financial year. Deloitte is forecasting the Territory will grow, as I said, at 4.7% between 2013-14 and 2017-18.
This is the highest growth rate of all jurisdictions in Australia, and we are the envy of the nation.
Mr McCarthy: Stop the cuts then! Stop cuts to teachers.
Mr TOLLNER: Here we go, an interjection. You talk about stopping cuts. The fact of the matter is we were left in diabolical circumstances as far as government finances are concerned.
This year, we are spending $1.1bn more than we get in income and these guys on the other side seem to think it is fine.
As a government, we are driving economic growth, supporting private industry and, at the same time, reducing government spending where we have to so we can start living within our means.
Deloitte Access Economics expects future growth in the Territory to be driven by international exports, private housing investment, private sector consumption, private equipment investment and retail. It is enormously good news issued by Deloitte, and it is an endorsement of this government’s approach to sound economic management, delivering a stronger economy in the Territory.
Madam SPEAKER: Minister, your time has expired.
Last updated: 09 Aug 2016