Mr WARREN - 2008-04-29
Access Economics recently forecast the Territory is on track to have economic growth of 7% next year. Can you please update the House on how the government’s economic policies are delivering, especially for Territory families?
ANSWER
Madam Speaker, I thank the member for Goyder for his question, because it is an important issue for the Northern Territory. Strong economic growth sees exciting times in the Northern Territory, full of opportunities for Territorians. What does this mean for Territory families? If we go back and actually look to 2000-01 when we came to office, the economy was on its knees - zero enterprise, zero growth in the economy in the Northern Territory.
I say quite often, regarding the economy, we can talk about percentages, billions of dollars and GDP, but it is about people. The economy is about people and families. I well remember, in 2001, the number of people who found themselves unemployed for the first time, and families being forced to sell their homes because they could not meet the mortgage repayments. That is what happens when you have zero percent growth in the economy that we inherited.
Well, look at where we are now: on the back of tough and financially responsible decisions we are reaping the benefits now. A strong economy does not happen by accident. It does not happen by sitting there in the car on cruise control. It happens by delivering confidence - confidence for business to invest. What do we see today? Cranes on the skyline, the economy growing strongly, confidence to invest and, just last year, an extra 5000 people employed in this economy in the Northern Territory - 5000 Territorians in a job, or people who had moved to the Territory who were not in a job last year. That is what a strong economy means.
A growth of 7% does not happen by accident. It happens by being financially responsible, turning around massive CLP deficits into surpluses, investing wisely in key infrastructure across the Northern Territory, and cutting taxes so that our small businesses are the lowest-taxed businesses in the country. What does that mean? Those businesses have the confidence to reinvest those dividends back into their business and to grow the economy. That is what it means for Territory families.
It also means that this is a government, on the back of a growing economy, on the back of population growth, that can increase our investments - not only in the physical infrastructure of the Territory, but the social infrastructure. We have put into the health system, as the Health Minister said, an extra 80% funding into Royal Darwin Hospital, on the back of a strong economy; into the education budget, for kids in our classrooms across the Northern Territory; and into our police force, to make a safer Territory for Territorians. That is what a strong economy means for Territory families. Whilst I am Chief Minister, that will be my chief focus and goal to continue to grow this economy.
ANSWER
Madam Speaker, I thank the member for Goyder for his question, because it is an important issue for the Northern Territory. Strong economic growth sees exciting times in the Northern Territory, full of opportunities for Territorians. What does this mean for Territory families? If we go back and actually look to 2000-01 when we came to office, the economy was on its knees - zero enterprise, zero growth in the economy in the Northern Territory.
I say quite often, regarding the economy, we can talk about percentages, billions of dollars and GDP, but it is about people. The economy is about people and families. I well remember, in 2001, the number of people who found themselves unemployed for the first time, and families being forced to sell their homes because they could not meet the mortgage repayments. That is what happens when you have zero percent growth in the economy that we inherited.
Well, look at where we are now: on the back of tough and financially responsible decisions we are reaping the benefits now. A strong economy does not happen by accident. It does not happen by sitting there in the car on cruise control. It happens by delivering confidence - confidence for business to invest. What do we see today? Cranes on the skyline, the economy growing strongly, confidence to invest and, just last year, an extra 5000 people employed in this economy in the Northern Territory - 5000 Territorians in a job, or people who had moved to the Territory who were not in a job last year. That is what a strong economy means.
A growth of 7% does not happen by accident. It happens by being financially responsible, turning around massive CLP deficits into surpluses, investing wisely in key infrastructure across the Northern Territory, and cutting taxes so that our small businesses are the lowest-taxed businesses in the country. What does that mean? Those businesses have the confidence to reinvest those dividends back into their business and to grow the economy. That is what it means for Territory families.
It also means that this is a government, on the back of a growing economy, on the back of population growth, that can increase our investments - not only in the physical infrastructure of the Territory, but the social infrastructure. We have put into the health system, as the Health Minister said, an extra 80% funding into Royal Darwin Hospital, on the back of a strong economy; into the education budget, for kids in our classrooms across the Northern Territory; and into our police force, to make a safer Territory for Territorians. That is what a strong economy means for Territory families. Whilst I am Chief Minister, that will be my chief focus and goal to continue to grow this economy.
Last updated: 09 Aug 2016