Ms SCRYMGOUR - 2009-10-19
The Access Economics September Quarter Business Outlook forecasts that the Northern Territory will have the strongest economic growth in the country over the next five years. What action is the government taking to deliver on these forecasts?
ANSWER
Madam Speaker, I thank the member for Arafura for her important question. The Access Economics forecast shows a very positive outlook across the next five years in economic growth for the Territory.
If you look at their forecast for the average Territory gross state product growth, they have revised it upwards to 3.8% for the five years to 2012-13. If you look at their predictions for 2008-09 alone, they have revised them up from 4.9% to 5.2%. If you look at their forecast for the 2009-10 financial year that we are currently in, they have doubled their forecast in terms of the revision, from 1.8% growth to 3.6% growth.
These are only forecasts, but it shows that strong and responsible financial management from this Labor government is required to ensure that our economy continues to grow. We have created some 4000 jobs in the Territory in the last year alone: that is in the midst of a global economic downturn as a result of the global financial crisis. Both Access Economics and the federal Treasury Secretary, Ken Henry, are forecasting that unemployment can be expected to rise.
This Territory government has made the tough decision in the budget we handed down in May to go into a temporary budget deficit to save jobs. A record $1.3bn infrastructure investment in that all important construction sector will save and create some 2500 jobs. We have gone hard after the major project with INPEX, and you can see the Access Economics forecast saying that INPEX is increasingly likely for the Territory. This is very strong economic data forecast coming through for the Territory.
Our stimulus is also reflected in the Access Economics forecast. They talk about the $900m commercial investment at the waterfront precinct - a waterfront precinct that the opposition did not want to proceed. They talk about the importance of the $110m Tiger Brennan Drive road extension. We were able to secure that project and that funding through close work between the Territory government and the federal Rudd Labor government.
We have a responsible wages policy to ensure wages restraint going forward, because there are the tough economic years ahead in 2009-10 and 2010-11 as a result of the loss of GST revenue. We are not out of the woods yet, but we have growth figures showing our economy will be leading the nation.
ANSWER
Madam Speaker, I thank the member for Arafura for her important question. The Access Economics forecast shows a very positive outlook across the next five years in economic growth for the Territory.
If you look at their forecast for the average Territory gross state product growth, they have revised it upwards to 3.8% for the five years to 2012-13. If you look at their predictions for 2008-09 alone, they have revised them up from 4.9% to 5.2%. If you look at their forecast for the 2009-10 financial year that we are currently in, they have doubled their forecast in terms of the revision, from 1.8% growth to 3.6% growth.
These are only forecasts, but it shows that strong and responsible financial management from this Labor government is required to ensure that our economy continues to grow. We have created some 4000 jobs in the Territory in the last year alone: that is in the midst of a global economic downturn as a result of the global financial crisis. Both Access Economics and the federal Treasury Secretary, Ken Henry, are forecasting that unemployment can be expected to rise.
This Territory government has made the tough decision in the budget we handed down in May to go into a temporary budget deficit to save jobs. A record $1.3bn infrastructure investment in that all important construction sector will save and create some 2500 jobs. We have gone hard after the major project with INPEX, and you can see the Access Economics forecast saying that INPEX is increasingly likely for the Territory. This is very strong economic data forecast coming through for the Territory.
Our stimulus is also reflected in the Access Economics forecast. They talk about the $900m commercial investment at the waterfront precinct - a waterfront precinct that the opposition did not want to proceed. They talk about the importance of the $110m Tiger Brennan Drive road extension. We were able to secure that project and that funding through close work between the Territory government and the federal Rudd Labor government.
We have a responsible wages policy to ensure wages restraint going forward, because there are the tough economic years ahead in 2009-10 and 2010-11 as a result of the loss of GST revenue. We are not out of the woods yet, but we have growth figures showing our economy will be leading the nation.
Last updated: 09 Aug 2016