Ms WALKER - 2009-10-19
The Access Economics quarterly economic forecast has been received today. What does this report tell us about the health of the economy, its future growth, and the overall position of the Territory?
ANSWER
Madam Speaker, I thank the member for Nhulunbuy for her question. It is good news from the Access Economics report which was released overnight. The Access report shows that our economy will grow faster, on average, over the next five years than any other economy in the country. That is good news for business, good news for the community, good news for the Territory’s future, and good news for people who are seeking to invest in the Northern Territory.
The Treasury analysis of the Access report shows that, on average, our economy will grow 3.8% for the five years to 2012-13 - well above the national average of 2.6%. It is good news. Why is this good news? Because it is about jobs growth. Access is showing very clearly that jobs are predicted to grow at over 2% for the next five years. At a time of global financial crisis, not only have we withstood the ravages of the global financial crisis in the Northern Territory better than anywhere else in Australia, we will accelerate out of the global financial crisis quicker than anywhere else in the nation over five years.
That does not mean to say that we are out of the woods. There are some very significant pressures, particularly with a rising dollar that is going to put pressure on our mineral exports and our tourism industry. We have to maintain that focus on growing the economy. This is a good report and shows that the Territory is right on track.
ANSWER
Madam Speaker, I thank the member for Nhulunbuy for her question. It is good news from the Access Economics report which was released overnight. The Access report shows that our economy will grow faster, on average, over the next five years than any other economy in the country. That is good news for business, good news for the community, good news for the Territory’s future, and good news for people who are seeking to invest in the Northern Territory.
The Treasury analysis of the Access report shows that, on average, our economy will grow 3.8% for the five years to 2012-13 - well above the national average of 2.6%. It is good news. Why is this good news? Because it is about jobs growth. Access is showing very clearly that jobs are predicted to grow at over 2% for the next five years. At a time of global financial crisis, not only have we withstood the ravages of the global financial crisis in the Northern Territory better than anywhere else in Australia, we will accelerate out of the global financial crisis quicker than anywhere else in the nation over five years.
That does not mean to say that we are out of the woods. There are some very significant pressures, particularly with a rising dollar that is going to put pressure on our mineral exports and our tourism industry. We have to maintain that focus on growing the economy. This is a good report and shows that the Territory is right on track.
Last updated: 09 Aug 2016