Economy continues to struggle

6 NOVEMBER 2019

The Northern Territory continues to feel the impacts of a Gunner Labor Government who has failed to deliver economic growth and prosperity.

Opposition Leader Gary Higgins said Monday’s economy snapshot, released by the Department of Business, outlined some grim numbers.

Most notably, the unemployment rate had increased from 5.1 per cent to 5.6 per cent in November 2019.

"This is a 10 per cent increase in just one month," Mr Higgins said.

"Private business investment for 2018/19 forecast $6.3 billion in October 2019, collapses to $4.1 billion in November 2019. That is $2.2 billion less."

Mr Higgins said the Opposition had been calling on the Gunner Labor Government to rein in the spending, free up industry and business, support a diversified economy, support sustainable infrastructure, remove regulatory burdens on business, incentivise private sector investment, and stop the waste.

"This Gunner Labor Government has done nothing and as a result, business confidence is down 4 per cent from October 2019 to just 50 per cent in November 2019," he said.

"Population down 0.4 per cent year to November and the average weekly earnings is down 2.1 per cent."

Also concerning to the Opposition is the adverse effect the economy is having on house prices.

"The Katherine median house price has fallen another $30,000 in a month, from $350,000 in October 2019 to $320,000 in November 2019," Mr Higgins said.

"That is an extremely troubling drop and a tough call for Katherine residents.

"Darwin’s median house price has fallen to $460,000 in November 2019, and the Palmerston median house price fell from $450,000 in October 2019 to $406,250 in November 2019.

"None of this is good news for Territorians."