Mrs FINOCCHIARO - 2015-02-25
Can you please update the House on the state of the Territory economy?
ANSWER
Madam Speaker, I thank the member for Drysdale for her question. If you listen to those on the other side, you would swear this place was going to hell in a hand basket. Every now and again it is worthwhile giving a report on how our economy is going and stating what the experts have to say about our economy.
In the latest CommSec State of the States report, the Northern Territory is ranked equal best performing economy alongside New South Wales, and well ahead of Western Australia. Who would have thought; four years ago New South Wales had a Labor government – how quickly things change there. The Territory ranked first on five out of eight indicators: economic growth; equipment investment; low unemployment; construction work; and dwelling starts.
Economic activity in the Top End is almost 37% above its decade average level of output. Retail trade was also strong, courtesy of low unemployment. The Territory had the strongest jobs market of all jurisdictions with the lowest unemployment rate of 3.6%, which is 14% below the decade average of 4.2%. In other jurisdictions unemployment rates were well above the decade average levels.
New South Wales was ranked second with unemployment rates 12% higher than their decade average. In addition to CommSec, Deloitte Access Economics expects the Territory economy to remain very strong over the medium term. The Territory economy is expected to continue to out-perform all other jurisdictions and grow at more than double the rate, says Deloitte Access Economics.
Territory Treasury informs me that economic growth in the Northern Territory is 6.5% for 2013-14, which resulted in a gross state product of $21.2bn. Treasury also informs and forecasts that the NT economy will grow by 5% this financial year, which is underpinned by additional growth in private business investment and increases in construction, household consumption and exports.
The Darwin CPI has been moderating in annual terms since the recent peak of 4.4% growth in December 2013, and the downward trend continues in December 2014 with the annual increase moderating to 1.9%. The only people talking down the Territory economy are those opposite. All the experts around the country have nothing but good things to say about how the Territory is being governed.
Madam SPEAKER: Minister, your time has expired.
ANSWER
Madam Speaker, I thank the member for Drysdale for her question. If you listen to those on the other side, you would swear this place was going to hell in a hand basket. Every now and again it is worthwhile giving a report on how our economy is going and stating what the experts have to say about our economy.
In the latest CommSec State of the States report, the Northern Territory is ranked equal best performing economy alongside New South Wales, and well ahead of Western Australia. Who would have thought; four years ago New South Wales had a Labor government – how quickly things change there. The Territory ranked first on five out of eight indicators: economic growth; equipment investment; low unemployment; construction work; and dwelling starts.
Economic activity in the Top End is almost 37% above its decade average level of output. Retail trade was also strong, courtesy of low unemployment. The Territory had the strongest jobs market of all jurisdictions with the lowest unemployment rate of 3.6%, which is 14% below the decade average of 4.2%. In other jurisdictions unemployment rates were well above the decade average levels.
New South Wales was ranked second with unemployment rates 12% higher than their decade average. In addition to CommSec, Deloitte Access Economics expects the Territory economy to remain very strong over the medium term. The Territory economy is expected to continue to out-perform all other jurisdictions and grow at more than double the rate, says Deloitte Access Economics.
Territory Treasury informs me that economic growth in the Northern Territory is 6.5% for 2013-14, which resulted in a gross state product of $21.2bn. Treasury also informs and forecasts that the NT economy will grow by 5% this financial year, which is underpinned by additional growth in private business investment and increases in construction, household consumption and exports.
The Darwin CPI has been moderating in annual terms since the recent peak of 4.4% growth in December 2013, and the downward trend continues in December 2014 with the annual increase moderating to 1.9%. The only people talking down the Territory economy are those opposite. All the experts around the country have nothing but good things to say about how the Territory is being governed.
Madam SPEAKER: Minister, your time has expired.
Last updated: 09 Aug 2016