Media Release from Leader of the Opposition Lia Finocchiaro:
The Territory's economy is going backwards under Eva Lawler, highlighted with State Final Demand down by 7.9% in the March 2024 quarter, compared to the previous quarter (Dec 2023).
The figures, released by the Australian Bureau of Statistics, also show consumption declined by 2.7%, as well as a huge 21.9% fall in public and private investment during the same period. Private household consumption also fell by 6.8%.
Eva Lawler as long-term Treasurer and now Chief Minister has a track record of economic failure. Yet unbelievably, Eva Lawler said on radio this week that the economy is going well.
Under Labor, COMMSEC has marked the Territory as the worst performing economy in the nation for 5 1/2 years.
Last week, ABS data revealed that retail trade sales are stagnant for the month of April, despite it being the dry season and the start of the peak tourism season for the Territory. Master Builders NT says we are on track to have the worst year for home building for this financial year since records began.
The Territory cannot keep doing the same thing and expect a different outcome.
With 868 Territorians moving interstate last quarter, there is no time to lose on reforming our economy.
Only the CLP has a plan to grow our economy and make Territorians safe.
Our nation leading payroll tax relief is a game changer and will mean Territory businesses can invest in growing their business and hire more apprentices and trainees.
The CLP's HomeBuilder program is the most competitive home builder program in the country and will secure more Territorians into long term home ownership, keeping them in the Territory while stimulating housing construction which according to Master Builders NT is set to hit the lowest level since records began.
The CLP will streamline project approvals and support key industries. We have a target of achieving a 50% reduction in all approval timeframes across government. This will facilitate investment right across the Territory and give us a competitive edge.
By rebuilding the Territory's reputation as a safe place to live, work and invest, we will create jobs and opportunities.
Eva Lawler refuses to admit that the economy is going backwards and this is stopping the drastic action that is required to get the Territory off life support.
Labor’s budget will only deliver more of the same wasteful spending and pet projects like the $11m electronic road signs and $3.3 million shade less shade structure.
