The Territory has the worst performing economy in the country for the 16th straight quarter, according to the latest CommSec State of the States Report.
This confirms the latest Deloitte Access Economics report, which predicted the Territory to have the “weakest economic growth” of any jurisdiction in 2021-22.
Opposition Leader Lia Finocchiaro said the results were four years of proof that Labor could not manage the economy.
“This is an indictment of the Labor government’s policies and the economic management from Natasha Fyles and Treasurer Eva Lawler,” she said.
“The report said the Northern Territory was lagging behind rest of the country, particularly in equipment investment.
“Retail spending is down, equipment investment at a five-quarter low, construction work over the June quarter was 53.7 per cent below the decade average, and dwelling starts were 50.2 per cent below the decade average.
“How the Fyles Labor government can see this and continue to ignore it is beyond me. It is clear the Labor Government has no grip on reality.”
Mrs Finocchiaro said it was important to note the poor population growth, critical to keeping the Territory’s economy alive.
“This report also shows the Territory’s population growth is down 49.6 per cent on the decade average,” she said.
Mrs Finocchiaro said the Territory could improve with strong private sector investment, rather than a reliance on taxpayer-funded pet projects.
“There have been billions of dollars wasted on pet projects by a Labor government that has blown our deficit to more than $9 billion, with Territorians paying more than $1 million a day in interest,” she said.
“An economy cannot be sustained on the back of taxpayer-funded projects – get rid of the red tape, let business do business and stop going cap in hand to the Federal Government.”
Mrs Finocchiaro said a CLP government would give the green light to our economy, slash red tape by 50 per cent to attract private investment, scrap the hybrid mining tax, fast track a Territory Coordinator to facilitate private investment and reform the way significant economic projects are supported, and review payroll tax.
“We have abundant gas resources, we’ve got the best soils to grow our agricultural sector, we’ve got a strong cattle industry, we’ve got a mining sector that is crying out for the government to reform the Territory’s approvals process to allow them to get going.
“We have all the right ingredients for a fantastic recipe, we just have the wrong people in the kitchen.”
ENDS