CommSec: A grim picture for the Territory

29 July 2019

CommSec’s State of the States report for July 2019 paints a grim picture for Territorians, again ranking the Northern Territory last out of the eight jurisdictions.

Opposition Leader Gary Higgins said the Territory was again at the bottom of the pile for overall economic conditions, and ranked seventh for economic growth, and only because of the Inpex project.

"The Northern Territory is the only jurisdiction to record negative retail spending, down 1.7 per cent on the decade average," Mr Higgins said.

"If we didn’t have Inpex exporting gas, we’d have almost nothing.

"New equipment investment in the Territory down 3.5 per cent on a year ago, the trend of economic growth is down 5.4 per cent annually and employment is down 6.6 per cent for the year to end June 2019."

Mr Higgins said it was also disappointing that the Territory’s population shrank by 0.41 per cent over the past year - the biggest decline in 36 years of quarterly records.

"This population decline is on the back of the multimillion dollar Boundless Possible campaign, and an alleged population plan which the Chief Minister keeps spruiking, so clearly the economic conditions are so bad here, that you can’t pay people to move here, and that is just sad," Mr Higgins said.

"The figures speak for themselves, and the bad news continues and will do unless urgent action that generates real outcomes is taken.

"The Territory is deep in domestic recession, and this is the worst set of population numbers in 36 years. This out of touch and wasteful Gunner Labor Government needs to get its priorities in order and start encouraging sustainable private sector investment."