Yesterday’s Deloitte Access Economics Report shows a worrying slowing of the Northern Territory economy.
The March Quarter Report, released yesterday states “The Territory is expected to experience the weakest economic growth of the jurisdictions in 2022-23.”
While the rest of Australia’s economy will grow 3.1% the Territory is the only jurisdiction going backwards decreasing by 0.5%. Leaving the Territory’s economy ranked dead last for 18 consecutive quarters.
CLP Opposition Leader Lia Finocchiaro says this is because of the message the Fyles Labor Government is sending. “By not taking strong action on crime, and by not backing our resource sector, Natasha Fyles is sending a message to investors of complete uncertainty.”
“In 2018 Labor destroyed our mining sector by bringing in the complicated hybrid taxing model on royalties which saw the Territory miss out on investments to other states.”
“Now after announcing the Mining Sector is on a revenue cliff, Labor Resource Minister Nicole Manison has adopted the CLP policy of ad valorem royalties.”
“This is a cliff of Labor’s creation, by making irresponsible changes which led to investment dollars being spent elsewhere for the last 5 years, not here where they could have been.
“It’s good to see Labor adopt CLP policy on mining, now they need to follow our lead an implement red tape reduction and fast track approvals with a Territory Coordinator.”
“We haven’t seen a single major project transpire, we’ve seen reckless economic policy and day after day the Territory making national headlines for all the wrong reasons.” She said.
“Labor continues to prove that they cannot manage our economy, and Territorians are paying the price.
“Under Natasha Fyles, the Territory continues to go backwards.” Mrs Finocchiaro said.
ENDS