Mr KURRUPUWU - 2013-08-27
Can you update the House on the state of the Territory economy, and outline why strong economic management is important?
ANSWER
Mr Deputy Speaker, I thank the member for his question and pay tribute to him because I know the work he has been doing to strengthen the economy on the Tiwi Islands. He is a remorseless advocate for the people in his electorate and is really driving a great deal of change there, together with senior leaders in his community. Well done, member for Arafura.
This Giles government is very proud of the work we have already done on strengthening and growing the Northern Territory economy.
Recently, CommSec’s State of the States report was released which showed the Northern Territory finished first in three leading indicators: economic growth, dwelling starts, and construction work done; and we were the second strongest jurisdiction on retail trade. The Territory has the fastest economic annual growth rate in the nation, up by 13.5% since the County Liberal Party came into government a year ago, ahead of Western Australia, the next fastest growing economy on 7.9%. Economic activity in the Top End is almost 40% above its normal or decade average level of output. Retail trade was also strong:
In terms of annual growth rates, the Northern Territory was miles ahead with construction work done in the 2013 March quarter up 55.7%, compared to a year ago under the Leader of the Opposition’s government. I particularly congratulate the Minister for Housing for all the hard work he has done.
Strong economic management, budget discipline, and good fiscal management are critical to economies in the modern world, which is something we are acutely aware of and in which the previous government failed. In fact, they breached their own Fiscal Integrity and Transparency Act. They absolutely failed. They have left us looking down the barrel of a $5.5bn debt. What a failure!
Then look at their federal counterparts and their economic management. Not so long ago former Treasurer, Wayne Swan, predicted a surplus of $1.1bn in his May budget. What did it come in at? It came in at a deficit of $19.5bn. Since then the figures have been revised to $30bn. That is a failure in economic management. It goes to show why this side of the House is best set to manage the economy.
ANSWER
Mr Deputy Speaker, I thank the member for his question and pay tribute to him because I know the work he has been doing to strengthen the economy on the Tiwi Islands. He is a remorseless advocate for the people in his electorate and is really driving a great deal of change there, together with senior leaders in his community. Well done, member for Arafura.
This Giles government is very proud of the work we have already done on strengthening and growing the Northern Territory economy.
Recently, CommSec’s State of the States report was released which showed the Northern Territory finished first in three leading indicators: economic growth, dwelling starts, and construction work done; and we were the second strongest jurisdiction on retail trade. The Territory has the fastest economic annual growth rate in the nation, up by 13.5% since the County Liberal Party came into government a year ago, ahead of Western Australia, the next fastest growing economy on 7.9%. Economic activity in the Top End is almost 40% above its normal or decade average level of output. Retail trade was also strong:
- …courtesy of low unemployment …
In terms of annual growth rates, the Northern Territory was miles ahead with construction work done in the 2013 March quarter up 55.7%, compared to a year ago under the Leader of the Opposition’s government. I particularly congratulate the Minister for Housing for all the hard work he has done.
Strong economic management, budget discipline, and good fiscal management are critical to economies in the modern world, which is something we are acutely aware of and in which the previous government failed. In fact, they breached their own Fiscal Integrity and Transparency Act. They absolutely failed. They have left us looking down the barrel of a $5.5bn debt. What a failure!
Then look at their federal counterparts and their economic management. Not so long ago former Treasurer, Wayne Swan, predicted a surplus of $1.1bn in his May budget. What did it come in at? It came in at a deficit of $19.5bn. Since then the figures have been revised to $30bn. That is a failure in economic management. It goes to show why this side of the House is best set to manage the economy.
Last updated: 09 Aug 2016