Media Release from Shadow Treasurer Bill Yan
After almost eight years of complete failure in economic policy by this Labor Government, the Northern Territory's economy has once again been ranked as the worst performer in the nation, 66 months in a row.
The CommSec April 2024 State of the States quarterly report ranks the Territory last again.
This report confirms Labor’s inability to manage the economy. Labor have been in government for 8 years and for five and half of those the Territory has been ranked last.
Chief Minister Eva Lawler has held the Treasury portfolio since 2022 and the current economic state of the Territory must sit squarely on her shoulders.
While every other jurisdiction’s economy is surging ahead the Territory’s economy has fallen 0.5% in the year to December 2023 on the long term average.
Construction work in the December quarter plummeted by a shocking 40.1%, signalling a significant downturn compared to the decade average, while South Australia has pushed ahead with a 22.2% increase in construction work.
Retail spending flat-lined in the Territory with a negligible 0.5% increase. All other states, led by the ACT with 12.2% growth, showed significant growth. The Territory’s stagnant retail spend, in stark contrast to other jurisdictions, is a real indicator that cost of living pressures are hurting Territorians who are having to tighten their belts.
The housing market remains weak, with housing finance commitments down 15% compared to the decade average, and home loans have dropped 14.9%. This compared with other states, where housing finance remained above average. The failure of Labor to increase housing supply has ensured the NT housing market remains weak.
Dwelling rates in the Northern Territory took a sharp decline to 60.9% in the December quarter of 2023, falling below the average of the past decade, potentially impacting retail, unemployment, and overall economic growth dynamics.
Eva Lawler’s abysmal economic record speaks for itself. This is her report card as Treasurer since 2022 and now as Chief Minister.
Labor’s recklessness has sent government debt soaring from $1.97 billion in 2016 to an astronomical $10.13 billion in the 2026-27 forward estimates.
After 8 years of incompetent Labor governance, the Territory finds itself in a precarious position, burdened with soaring debt and the unenviable distinction of having the poorest performing economy in Australia again.
Given these disgraceful economic indicators, Territorians know Eva Lawler is taking them for fools with her falsehoods of better conditions.
The CLP economic plan focuses on making the Northern Territory a great place to live, work and invest.
Our plan to kick start the economy includes slashing project approval times by 50%, supporting small business, getting rid of Labor’s destructive hybrid mining tax and installing a Territory Co-ordinator who will ensure projects are fought for, started quickly and completed on time.
The Territory needs a government that will do things differently, get the spark back in the economy and work with Territorians, not against them.
