Ms SACILOTTO - 2008-06-10
Strong economic growth does not happen by accident and business confidence is one of the important contributors to growth. Is there any data available to indicate the level of business confidence in the Territory, and what implications does this have for our continued economic growth?
ANSWER
Madam Speaker, I thank the member for Port Darwin for her question. Small business is the backbone of the Territory economy. Approximately 10 000 small businesses in the Territory employ thousands of Territorians and most of them provide opportunities for jobs for our children.
In the last year, 5800 new jobs were created and our economy is growing strong, nearly 7%. Last week, the Sensis May quarterly results were released. I have to tell you, I was very pleased to read the report because it shows the Northern Territory has recorded the highest level of business confidence in Australia, when business confidence around Australia has plummeted to a seven-year low. For example, in New South Wales, business confidence has gone down to 11% and the ACT to 23% and, in the Northern Territory, business confidence is at 58%.
In addition, Northern Territory small business has the strongest profit expectation for the coming year. Small business in the Northern Territory has the strongest employment growth of any state or Territory, as well as having the highest confidence in the Territory government compared to anywhere else in Australia. This is quite correct; this has not happened by accident. Small businesses do not like us just by accident or because we are in power; it is because we have done things to make things easier for small business. We are the lowest taxing jurisdiction in Australia. For example, we have lowered payroll tax from 6.2% to 5.9% - saving Territory businesses $7.2m a year. Since 2001, Territory businesses have saved around $74m.
Things do not happen by accident. Our government works very closely with small and medium businesses to make the environment easier for them to grow and prosper because, in return, they provide jobs for Territorians.
It is not only the information from Sensis that tells us everything is going well in the Territory. The strongest indicator is that Territorians feel confident for the future. That is why we have the highest retail spend in the country.
ANSWER
Madam Speaker, I thank the member for Port Darwin for her question. Small business is the backbone of the Territory economy. Approximately 10 000 small businesses in the Territory employ thousands of Territorians and most of them provide opportunities for jobs for our children.
In the last year, 5800 new jobs were created and our economy is growing strong, nearly 7%. Last week, the Sensis May quarterly results were released. I have to tell you, I was very pleased to read the report because it shows the Northern Territory has recorded the highest level of business confidence in Australia, when business confidence around Australia has plummeted to a seven-year low. For example, in New South Wales, business confidence has gone down to 11% and the ACT to 23% and, in the Northern Territory, business confidence is at 58%.
In addition, Northern Territory small business has the strongest profit expectation for the coming year. Small business in the Northern Territory has the strongest employment growth of any state or Territory, as well as having the highest confidence in the Territory government compared to anywhere else in Australia. This is quite correct; this has not happened by accident. Small businesses do not like us just by accident or because we are in power; it is because we have done things to make things easier for small business. We are the lowest taxing jurisdiction in Australia. For example, we have lowered payroll tax from 6.2% to 5.9% - saving Territory businesses $7.2m a year. Since 2001, Territory businesses have saved around $74m.
Things do not happen by accident. Our government works very closely with small and medium businesses to make the environment easier for them to grow and prosper because, in return, they provide jobs for Territorians.
It is not only the information from Sensis that tells us everything is going well in the Territory. The strongest indicator is that Territorians feel confident for the future. That is why we have the highest retail spend in the country.
Last updated: 09 Aug 2016