The Territory’s gross state product decreased by 5.3 per cent in the last financial year, the weakest result for all states and territories, figures from the Australian Bureau of Statistics show, while an academic said he thought the Fyles Government realised the “future was grim” unless it reduced the public service or gas fracking began in the Beetaloo basin.
The figures, released by the NT Treasury and Finance Department in an economic brief report, show that in the 2022-2023 financial year the Territory’s GSP was $30.1 billion, and while the domestic economy grew, weaker international trade saw the GSP decline, mainly driven by net exports, contributing 11.5 percentage points to the decline.
“The Territory’s gross state product decreased by 5.3 per cent in the last financial year”
This is the tipping point where the private industry workers pack up and leave, leaving behind the unaffected Government workers (who are oblivious to any Economic downturns) here in the Territory.
Hopefully the private industry workers vote in next August’s election before they vote with their feet.
The Labor government has relied on dreams of development that have consistently failed after massive government subsidies given to them. What is the prawn farm doing now? What progress has the aircraft manufacturing project achieved? Why has the Sun Cable project moved its module assembly plant to Queensland? It seems to be the cost of doing business here that is affecting these projects especially when it will be worthwhile trucking solar panels half way across the country. Jobs Jobs Jobs is sounding more like Fibs Fibs Fibs.