Mr BURKE - 2003-10-07
In July last year, you welcomed Access Economics’ projections that the Territory economy would grow by 4.6% for the next four years. You said the signs show the economy was turning around. In January this year, your deputy said that the Territory will have the strongest economic growth in Australia, and Access Economics was predicting growth of 5% over the next five years. Last week, on 2 October, your deputy revealed that Access Economics had downgraded its predictions to 3.7% growth; the third successive downgrade this year. Chief Minister, what are you doing or not doing that is causing these continued downgrades?
ANSWER
Madam Speaker, it is good to have a question about our economy because, in the last few years of the CLP government, we saw what happened with the Territory’s economy, as a government which had been in too long took their eyes off the economy. They actually had a year in 1999-2000 where the economic growth for the Territory was at zero. What we inherited two years ago - and this is not to make any excuses. I am not here …
Mr Burke: What was 2000-01 – 4.1%. Tell the truth.
Mr Ah Kit: You asked a question, listen to the answer!
Members interjecting.
Madam SPEAKER: Order! Chief Minister.
Ms MARTIN: The Leader of the Opposition asked a question and should have a small courtesy and listen to the answer. So thank you.
What I am saying here very clearly is that we inherited an economy, along with a job market and a population, that was shrinking. I make no bones about it; the last couple of years have been tough. However, I am confident that, when you look at the economic indicators, and you talk to members of the community on a one-to-one level, or to industry groups, what we are seeing happen across the Territory is that business is feeling more confident about the future. Economic activity is increasing.
There is no doubt about it, we still have sectors that are doing it tough, but this government has made very strategic decisions to get our economy going again. Look at some of the activity that has happened. Look at the economic forecasters, like the very reputable BIS Shrapnel, who are predicting our economic growth over the next five years as higher than any other part of Australia. The predictions from Access Economics, while they have been modified, are still good growth figures. We aspire to making sure those growth figures happen, and maybe we can reach the more optimistic ones of BIS Shrapnel, which puts it at about 4.5%.
If you look at the initiatives we have put in place over the last two years to try and pick up the economy we inherited from our predecessors, and the deceptions we saw perpetrated in our budgets, we have had record capital works spending, recognising the government’s …
Mr Burke: It is called a railway.
Ms MARTIN: I am not talking about the railway. I am talking about capital works expenditure. We had record capital works budgets to stimulate capital works, minor new works, and repairs and maintenance, understanding that government is a very important stimulator of our economy and capital works were very critical. We did that consciously. We pursued what is the big ticket item for the Territory that will see, over time, a step change in the Territory’s economy - that is gas onshore.
It was on 15 June this year that the announcement was made by the joint venturers in Bayu-Undan that first gas was coming onshore. We have seen the results of that. It is working at Wickham Point, the activity has started. From May next year, we will see that pipeline laid - 450 km of pipeline to Bayu-Undan. At the peak of activity for the LNG Plant, there will be 1500 jobs - real jobs - coming into the Territory economy - jobs for Territorians as well.
The announcement we made just a couple of months ago on building a convention centre, a redevelopment of the waterfront is, again, a great stimulus for the Territory economy, for local jobs, but also for the tourism industry. That is just to name two of the projects that are going ahead. We as a government are very conscious of the need for government to be strategic, to make sure that we are using taxpayers’ dollars for the most effect to get the economic growth happening, and to make sure that local jobs are being developed in the Territory.
I am confident we are going in the right direction. I talk often to business. Business confidence has grown, reflected by the latest business confidence figures in this government. While I am not pretending everything is working well in every sector, I believe we have seen the turnaround. It is disappointing to hear the Opposition Leader talking down our economy. That is what he and every single member of the opposition is doing.. While understanding how fragile confidence can be, and how it needs to be supported and boosted, what we are getting from the opposition is talking down the economy. We are looking at strategic investment, at how we build the economy for the short term, and I am optimistic - starkly contrasted with a very negative opposition.
ANSWER
Madam Speaker, it is good to have a question about our economy because, in the last few years of the CLP government, we saw what happened with the Territory’s economy, as a government which had been in too long took their eyes off the economy. They actually had a year in 1999-2000 where the economic growth for the Territory was at zero. What we inherited two years ago - and this is not to make any excuses. I am not here …
Mr Burke: What was 2000-01 – 4.1%. Tell the truth.
Mr Ah Kit: You asked a question, listen to the answer!
Members interjecting.
Madam SPEAKER: Order! Chief Minister.
Ms MARTIN: The Leader of the Opposition asked a question and should have a small courtesy and listen to the answer. So thank you.
What I am saying here very clearly is that we inherited an economy, along with a job market and a population, that was shrinking. I make no bones about it; the last couple of years have been tough. However, I am confident that, when you look at the economic indicators, and you talk to members of the community on a one-to-one level, or to industry groups, what we are seeing happen across the Territory is that business is feeling more confident about the future. Economic activity is increasing.
There is no doubt about it, we still have sectors that are doing it tough, but this government has made very strategic decisions to get our economy going again. Look at some of the activity that has happened. Look at the economic forecasters, like the very reputable BIS Shrapnel, who are predicting our economic growth over the next five years as higher than any other part of Australia. The predictions from Access Economics, while they have been modified, are still good growth figures. We aspire to making sure those growth figures happen, and maybe we can reach the more optimistic ones of BIS Shrapnel, which puts it at about 4.5%.
If you look at the initiatives we have put in place over the last two years to try and pick up the economy we inherited from our predecessors, and the deceptions we saw perpetrated in our budgets, we have had record capital works spending, recognising the government’s …
Mr Burke: It is called a railway.
Ms MARTIN: I am not talking about the railway. I am talking about capital works expenditure. We had record capital works budgets to stimulate capital works, minor new works, and repairs and maintenance, understanding that government is a very important stimulator of our economy and capital works were very critical. We did that consciously. We pursued what is the big ticket item for the Territory that will see, over time, a step change in the Territory’s economy - that is gas onshore.
It was on 15 June this year that the announcement was made by the joint venturers in Bayu-Undan that first gas was coming onshore. We have seen the results of that. It is working at Wickham Point, the activity has started. From May next year, we will see that pipeline laid - 450 km of pipeline to Bayu-Undan. At the peak of activity for the LNG Plant, there will be 1500 jobs - real jobs - coming into the Territory economy - jobs for Territorians as well.
The announcement we made just a couple of months ago on building a convention centre, a redevelopment of the waterfront is, again, a great stimulus for the Territory economy, for local jobs, but also for the tourism industry. That is just to name two of the projects that are going ahead. We as a government are very conscious of the need for government to be strategic, to make sure that we are using taxpayers’ dollars for the most effect to get the economic growth happening, and to make sure that local jobs are being developed in the Territory.
I am confident we are going in the right direction. I talk often to business. Business confidence has grown, reflected by the latest business confidence figures in this government. While I am not pretending everything is working well in every sector, I believe we have seen the turnaround. It is disappointing to hear the Opposition Leader talking down our economy. That is what he and every single member of the opposition is doing.. While understanding how fragile confidence can be, and how it needs to be supported and boosted, what we are getting from the opposition is talking down the economy. We are looking at strategic investment, at how we build the economy for the short term, and I am optimistic - starkly contrasted with a very negative opposition.
Last updated: 09 Aug 2016