Mr BONSON - 2004-10-14
Can the minister identify a key driver of the upturn in Territory business conditions, and what impact this is having on individual businesses in the Territory?
ANSWER
Madam Speaker, I thank the member for Millner for his question. It is an important question which goes to the heart of the fact that the economy has turned in the Northern Territory. Another key indicator of that is the Department of Business, Industry and Resource Development’s Annual Report that was tabled in the House last night. It shows, very clearly, that there is an increase in new high-skill/high-wage jobs being created in the Northern Territory. Principally, one can look at the LNG plant at Wickham Point, and the offshore activity connected to that as well.
In 2003-04, $1.8bn was earned in salaries and wages across the Northern Territory. That is an increase of 11% on the previous year - an 11% increase in wages and salaries going into the homes of Territorians. That is disposable income that, as we saw yesterday, is boosting retail figures, motor vehicle spending and housing finance, as a result of the high-wage/high-skill jobs that are being created here. That is 11% more money circulating through the economy, creating business opportunities and jobs for Territorians. As I said, it means more in retail. I quoted some business people yesterday. I quote another business identity in the Northern Territory, Peter La Pira - who every person in this House would know – who sums up what is happening really well:
Business operator after business operator has identified that the tide has turned. We still have a lot of work to do. However, it is up to each and every one of us in this parliament to talk up the economy to create the climate of opportunity and investment; to see investment coming back to the Northern Territory which is going to generate business opportunities and jobs for the people of the Territory. This is another indicator that the economy has turned.
ANSWER
Madam Speaker, I thank the member for Millner for his question. It is an important question which goes to the heart of the fact that the economy has turned in the Northern Territory. Another key indicator of that is the Department of Business, Industry and Resource Development’s Annual Report that was tabled in the House last night. It shows, very clearly, that there is an increase in new high-skill/high-wage jobs being created in the Northern Territory. Principally, one can look at the LNG plant at Wickham Point, and the offshore activity connected to that as well.
In 2003-04, $1.8bn was earned in salaries and wages across the Northern Territory. That is an increase of 11% on the previous year - an 11% increase in wages and salaries going into the homes of Territorians. That is disposable income that, as we saw yesterday, is boosting retail figures, motor vehicle spending and housing finance, as a result of the high-wage/high-skill jobs that are being created here. That is 11% more money circulating through the economy, creating business opportunities and jobs for Territorians. As I said, it means more in retail. I quoted some business people yesterday. I quote another business identity in the Northern Territory, Peter La Pira - who every person in this House would know – who sums up what is happening really well:
- Over the last six months, between the LNG plant and the works there, and the tourist season, there is no doubt it has had an enormously positive impact in Palmerston and, to a lesser extent, Karama. The building industry is in positive mode generally. Now we are getting into a buoyant economy and that is reflected in retail optimism and sales.
Business operator after business operator has identified that the tide has turned. We still have a lot of work to do. However, it is up to each and every one of us in this parliament to talk up the economy to create the climate of opportunity and investment; to see investment coming back to the Northern Territory which is going to generate business opportunities and jobs for the people of the Territory. This is another indicator that the economy has turned.
Last updated: 09 Aug 2016