Mr BARRETT - 2014-05-06
Deloitte Access Economics recently revised its projections for the NT economy. Can the Treasurer inform the members of the areas in which Deloitte was most bullish?
ANSWER
Madam Speaker, I thank the member for Blain for his question. He is a bloke with a focus on the economic environment in the Northern Territory, and I think it is great. The nonsense we hear from the opposition at times is alarming, but it is great to have another person on this side of the Chamber with an eye on the economy.
Deloitte Access Economics revised its projections for the NT and it takes a conservative approach. I am not having a knock at Deloitte Access Economics, but we continue to exceed expectations in the Northern Territory. I think it has been proven with Deloitte Access Economics revision of its numbers.
Growth estimates for this financial year have been revised from 2.9% to 4.7%, and the forecast 2014-15 has been revised from 2.3% to 3.3%. The five year annual average growth in the Territory’s employment forecast is now up to 2.8% from 1.9%. The Territory now has the highest five-year annual average employment growth forecast in the country, according to Deloitte Access Economics.
These revised projections show the forecast annual employment growth in the Territory over the next five years is expected to be nearly double the rest of the nation.
The Territory is continuing to deliver economic opportunities which are second to none in the country. The annual population growth rate has been revised up. The rate for 2017-18 has increased to 2.1% to 2.5%.
This is only the forecast growth. Let me get onto growth state product. The forecast for the Territory’s growth state product has been revised upwards by Deloitte.
The Territory economy is now forecast to grow by an average of 4.9% over the next five years. This is the highest average annual growth rate of all jurisdictions, and it compares to an average of 2.9% nationally.
The Giles Country Liberal government is doing what needs to be done, to ensure our economy continues to thrive. It is great news for the Territory.
Madam SPEAKER: Minister, your time has expired.
Mr ELFERINK (Leader of Government Business): Madam Speaker, I ask that further questions be placed on the Written Question Paper.
ANSWER
Madam Speaker, I thank the member for Blain for his question. He is a bloke with a focus on the economic environment in the Northern Territory, and I think it is great. The nonsense we hear from the opposition at times is alarming, but it is great to have another person on this side of the Chamber with an eye on the economy.
Deloitte Access Economics revised its projections for the NT and it takes a conservative approach. I am not having a knock at Deloitte Access Economics, but we continue to exceed expectations in the Northern Territory. I think it has been proven with Deloitte Access Economics revision of its numbers.
Growth estimates for this financial year have been revised from 2.9% to 4.7%, and the forecast 2014-15 has been revised from 2.3% to 3.3%. The five year annual average growth in the Territory’s employment forecast is now up to 2.8% from 1.9%. The Territory now has the highest five-year annual average employment growth forecast in the country, according to Deloitte Access Economics.
These revised projections show the forecast annual employment growth in the Territory over the next five years is expected to be nearly double the rest of the nation.
The Territory is continuing to deliver economic opportunities which are second to none in the country. The annual population growth rate has been revised up. The rate for 2017-18 has increased to 2.1% to 2.5%.
This is only the forecast growth. Let me get onto growth state product. The forecast for the Territory’s growth state product has been revised upwards by Deloitte.
The Territory economy is now forecast to grow by an average of 4.9% over the next five years. This is the highest average annual growth rate of all jurisdictions, and it compares to an average of 2.9% nationally.
The Giles Country Liberal government is doing what needs to be done, to ensure our economy continues to thrive. It is great news for the Territory.
Madam SPEAKER: Minister, your time has expired.
Mr ELFERINK (Leader of Government Business): Madam Speaker, I ask that further questions be placed on the Written Question Paper.
Last updated: 09 Aug 2016