Ms WALKER - 2009-08-17
Could you please inform the House about the recently released Access Economics forecast and how the Territory’s economy compares with the rest of the nation?
ANSWER
Madam Speaker, I thank the member for Nhulunbuy for her question. The Access Economics June quarter forecast is very good news for the Territory. This respected national economic commentator has revised upwards its Territory economic growth forecast to 4.9% in the 2008-09 financial year - the highest in our nation.
It also revised upwards the economic growth forecast over the 2009-10 financial year to 1.8%, in tough economic times. This compares to 0.8% in 2008-09, and just 0.4% in 2009-10 for the national economic growth forecast. This is an outstanding result for the Territory. We are outperforming our nation.
Access Economics has forecast the Territory’s average economic growth of 2.2% over five years to 2012-13, compared to 2% nationally. These forecasts highlight the strength in the Territory’s economy, and this is without the INPEX project being directly factored in. Across other economic indicators, Access Economics has forecast the following for the Territory over the five years to 2012-13: investment expenditure to remain well above long-term trend levels, supported by strong population and consumption growth; private sector consumption to outperform the nation, with annual growth of 2.7%, the highest of the jurisdictions and well above the national forecast of 1.5%; population growth of 2% over the five years, above the national rate of 1.5%; and the second lowest unemployment rate in the nation.
This is very good news for Territorians and our Territory businesses, and a strong indication of the confidence in our economy. These figures show that the Territory is not only weathering the storm of the global financial crisis, but is poised for further significant growth
ANSWER
Madam Speaker, I thank the member for Nhulunbuy for her question. The Access Economics June quarter forecast is very good news for the Territory. This respected national economic commentator has revised upwards its Territory economic growth forecast to 4.9% in the 2008-09 financial year - the highest in our nation.
It also revised upwards the economic growth forecast over the 2009-10 financial year to 1.8%, in tough economic times. This compares to 0.8% in 2008-09, and just 0.4% in 2009-10 for the national economic growth forecast. This is an outstanding result for the Territory. We are outperforming our nation.
Access Economics has forecast the Territory’s average economic growth of 2.2% over five years to 2012-13, compared to 2% nationally. These forecasts highlight the strength in the Territory’s economy, and this is without the INPEX project being directly factored in. Across other economic indicators, Access Economics has forecast the following for the Territory over the five years to 2012-13: investment expenditure to remain well above long-term trend levels, supported by strong population and consumption growth; private sector consumption to outperform the nation, with annual growth of 2.7%, the highest of the jurisdictions and well above the national forecast of 1.5%; population growth of 2% over the five years, above the national rate of 1.5%; and the second lowest unemployment rate in the nation.
This is very good news for Territorians and our Territory businesses, and a strong indication of the confidence in our economy. These figures show that the Territory is not only weathering the storm of the global financial crisis, but is poised for further significant growth
Last updated: 09 Aug 2016