Mr BURKE - 2008-04-29
Can the Treasurer outline the factors behind the Northern Territory’s strong economy?
Members interjecting.
ANSWER
Madam Speaker, members of the opposition groan because they do not like to hear that the Territory has the strongest growing economy in the nation. That means that more Territorians today are in a job. That means more Territory families have money to spend. That is reflected in the Territory having the strongest retail growth figures in Australia. Consumer confidence is high. That does not happen by accident; it comes off the back of sustained, strong financial management by the Labor government.
In the context of climbing out of a black hole left with a budget diving into deficit by the CLP, we have now been able to deliver five budget surpluses in a row - delivering budget surpluses while investing in the key drivers that underpin and support strength and growth in the economy.
The mining sector is a core contributor to our economy. We can all remember when we came to government in 2001; exploration licence applications were stacked up on the desk of their minister because of ideology. They were not proceeding with it. We now have a mining sector that is growing significantly, underpinning one of the core drivers of our economy. We are seeing the same in oil and gas. Again, our government is, in stark contrast, going out and pursuing core major projects and expansion to underpin the major forces that contribute to NT business and our economy.
While we had constraints in our spending because of the black hole, we targeted our spending at core services because you have to deliver into those for a strong economy. Education, health, police and, importantly, training and jobs plans all contributed to a growing economy. Government spending in the context of the Territory is a significant driver to the economic outcome.
Also, we have been able to show that we will work in collaboration with the Commonwealth in the context of government spending to underpin those drivers. We are diversifying our business and community. Small business has been the big beneficiary of the strength of our economy. We have been the lowest-taxing jurisdiction for small business with our targeted tax cuts, year on year.
Madam Speaker, none of this happens by accident; it is strong financial management that delivers the absolute environment for strong growth. This is in stark contrast to the CLP, which was responsible for a black hole. With the rhetoric that comes out of the Leader of the Opposition’s mouth, it shows they would be economic vandals if let near our budget spending.
Members interjecting.
ANSWER
Madam Speaker, members of the opposition groan because they do not like to hear that the Territory has the strongest growing economy in the nation. That means that more Territorians today are in a job. That means more Territory families have money to spend. That is reflected in the Territory having the strongest retail growth figures in Australia. Consumer confidence is high. That does not happen by accident; it comes off the back of sustained, strong financial management by the Labor government.
In the context of climbing out of a black hole left with a budget diving into deficit by the CLP, we have now been able to deliver five budget surpluses in a row - delivering budget surpluses while investing in the key drivers that underpin and support strength and growth in the economy.
The mining sector is a core contributor to our economy. We can all remember when we came to government in 2001; exploration licence applications were stacked up on the desk of their minister because of ideology. They were not proceeding with it. We now have a mining sector that is growing significantly, underpinning one of the core drivers of our economy. We are seeing the same in oil and gas. Again, our government is, in stark contrast, going out and pursuing core major projects and expansion to underpin the major forces that contribute to NT business and our economy.
While we had constraints in our spending because of the black hole, we targeted our spending at core services because you have to deliver into those for a strong economy. Education, health, police and, importantly, training and jobs plans all contributed to a growing economy. Government spending in the context of the Territory is a significant driver to the economic outcome.
Also, we have been able to show that we will work in collaboration with the Commonwealth in the context of government spending to underpin those drivers. We are diversifying our business and community. Small business has been the big beneficiary of the strength of our economy. We have been the lowest-taxing jurisdiction for small business with our targeted tax cuts, year on year.
Madam Speaker, none of this happens by accident; it is strong financial management that delivers the absolute environment for strong growth. This is in stark contrast to the CLP, which was responsible for a black hole. With the rhetoric that comes out of the Leader of the Opposition’s mouth, it shows they would be economic vandals if let near our budget spending.
Last updated: 09 Aug 2016