Economy, State of the States: Treasurer’s failure

Media statement from Opposition Leader Lia Finocchiaro and Shadow Treasurer Bill Yan:



After seven years under this Labor Government, the Territory finds itself grappling with substantial challenges, witnessing a complete failure of economic policy.

CommSec’s State of the States quarterly report has ranked the Northern Territory’s economy as the Nation’s worst performer.

Key indicators suggest a concerning trend:

• Mounting Debt and Sluggish Economy: The Territory now carries an alarming net debt load exceeding $8 billion, a stark increase under Labor's tenure. Regrettably, the economy stands as the weakest performer across Australia. Stagnant population growth, a lack of housing market investment, and low consumer confidence collectively exacerbate the economic stagnation.
• Continuous Economic Downturn: The Territory has endured almost five years of sustained economic underperformance, enduring the unenviable position of eighth out of eight jurisdictions for a prolonged 1,826 days.
• Credit Rating Decline: The Territory's credit rating has experienced a worrying dip, slipping from Aa2 to Aa3, indicating a concerning trajectory for fiscal stability.

In response to these challenges, the Treasurer's assertions of improved conditions for Territorians seem misaligned with the stark reality. It is imperative that Territorians receive transparent and accurate information regarding their economic standing.

Yet, the Government’s response to the findings, “a deeply flawed report”.

Labor continues to put their heads in the sand.

During Parliamentary sittings on October 24, 2023, the Treasurer expressed confidence in the Territory's economy, attributing sentiment to insights garnered from accomplished economists within Treasury and Finance, in contrast to perceived political narratives.

“I am much more confident about the economy in the Northern Territory, probably because I get advice from outstanding economists in Treasury and Finance, rather than making up a political narrative.”

What is the advice saying, and is the Treasurer being forthright and honest with the advice?

Our CLP economic plan will cut red tape, slash approval times and get our economy moving forwards - delivering a Safe, Strong Territory.