News Brief: State of the States report ranks NT last for 14th straight quarter

by | Apr 26, 2022 | Business | 0 comments

The Northern Territory’s economy has ranked last in the nation for the 14th consecutive quarter, according to CommSec’s State of the States report.

The April 2022 edition of the quarterly report has the Northern Territory ranked in eighth place again signifying the slowest economic growth of any jurisdiction.

The report ranks states and territories based on their performance compared with their decade-average.

The report measures eight key indicators including economic growth, retail spending, equipment investment, employment growth, construction work, population growth, housing finance, dwelling starts.

The one bright spot for the NT was economic activity assessed as being up 21.3 per cent on the decade-average, but within the similar scope of SA who recorded the worst economic activity at 18.3 per cent and WA up a massive 36.1 per cent.

 

 

In terms of annual growth rates of the eight economic indicators, all states and territories except the Northern Territory topped the leader-board on at least one indicator, the report shows.

Population growth was down in the NT in the December quarter by 0.24 per cent – the second worst in the country behind Victoria – and construction work was also down 50.2 per cent.

The NT also ranked last in dwelling starts and housing finance commitments.

The Northern Territory ranked last in Retail Spending with a modest 4.7 per cent increase as opposed to Victoria that had a 17.7 per cent increase.

Western Australia continues to steam ahead as the overall growth leader with a massive 19.2 per cent increase in economic growth.

Opposition CLP leader Lia Finocchiaro said the Terriotry’s continuing poor performance in the reports is “not good enough”.

 

 

“For the last three and a half years, Michael Gunner has run the NT’s economy into the ground,” she said.

“He’s racked up an $8 billion debt, which is projected to grow to $9 billion next year, with no plan to rein in reckless spending – and Territorians are paying the price.

“Michael Gunner can’t keep ignoring the evidence, like this critical analysis from independent economists, by throwing reports he doesn’t like in the bin.

“In six years, Michael Gunner has plunged the NT into $8 billion of debt and all he has to show for it is a $12 million grandstand, $35 million in payouts to teenage criminals, a $3 million shadeless shade structure and a $4 million playground.”

Ms Finocchiaro said the CLP would turn the economy around by cutting red tape, establishing a “Territory Coordinator” to attract private investment and changing the mining tax royalty model.

Mr Gunner has previously said he throws the CommSec report into the bin every quarter.

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