Sunday, June 23, 2024

The freedom of the press still furnishes that check upon government which no constitution has ever been able to provide – Chicago Tribune.

HomeVolume 29NT worst economy in the nation, 63 months in a row

NT worst economy in the nation, 63 months in a row

LETTER TO THE EDITOR

The Northern Territory’s economy has once again been ranked as the worst performer in the nation, 63 months in a row, according to the January 2024 State of the States report of CommSec [a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia].

The Chief Minister and Treasurer Eva Lawler claims diversifying the economy was something her government had “worked hard” to do.

However the economic indicators for the Northern Territory paint a dire picture across various sectors.

Construction work in the September quarter plummeted by a shocking 43.9%, signalling a significant downturn compared to the decade average, compared to SA surging ahead with 23.4% more construction work being done.

Retail spending also declined and the jobless rate in the Northern Territory stands at 4.6%, significantly surpassing the decade average by 7.4%, making it the highest in the country.

The decline in retail spending and the stark contrast between here and the other jurisdictions show that cost of living is having the most severe impact on families here in the Territory.

The burden on Territorians has been made worse by Territory Labor exacerbating the cost of living crisis.

Power prices are hiked by $147 annually, the Solar PV Feed-in-Tariff has been axed, power bills surged by 2.7% last year and the cost of crime is impacting insurance with home and contents 456% higher compared to Adelaide.

The housing market remains weak, with housing finance commitments lagging behind by 3.7% compared to the decade average, and home prices have dropped by 0.1% over the past year.

Eva Lawler’s economic record speaks for itself. This is her report card as Treasurer.

Labor’s recklessness has led to a tripling of government debt, soaring from $2.71 billion to an astronomical $10.1 billion in the 2026-27 forward estimates.

Given these challenges, Lawler’s assertion of better conditions for Territorians doesn’t match.

These numbers show that the Northern Territory is facing tough economic problems. We need clear plans and effective strategies to fix these issues and help Territorians.

The CLP will slash project approval times by 50%, get rid of Labor’s destructive hybrid mining tax and install the Territory Co-ordinator who will ensure projects are fought for, started quickly and completed on time.

Opening up our economy to private investment will increase competition and bring down cost of living.

Bill Yan, Shadow Treasurer (pictured).

PHOTO at top from the CommSec report: Wine state South Australia has climbed to the top spot in the economic performance rankings for the first time in the survey’s history. With SA on top and NT at the bottom, occasional discussion in Alice Springs about The Centre joining its southern neighbour is likely to gain momentum.

4 COMMENTS

  1. @ Bill Yan. I agree NT Labor isn’t much to write home about, but keep in mind that old adage about glass houses and stones.
    Now write one about society rather than the economy. Incarceration rather than electricity prizes.
    I see that dog whistler extraordinaire is back as the CLP President.
    I reckon your mob will probably win the next election. Hope they don’t.
    Your last two paragraphs remind me of a graffiti I read about: “Enough of deeds. We want promises!”

  2. As an owner of Solar PV, I must admit that the NT’s Shadow treasurer Bill Yan’s claim that “the Solar PV Feed-in-Tariff has been axed” had me in a bit of a panic at first, until I checked my power bills and Jacana’s website to find the FIT in the NT is alive and well.
    Perhaps Mr Yan is referring to the decision in July 2022 to reduce the premium feed-in-tariff from 28 cents to a new standard rate of 9 cents? Hardly an “axing”, which implies that it has been dropped altogether.
    Anyway, this little bit of misinformation leaves me to question the veracity of the other figures he quotes in the article.
    That the Alice Springs News printed his letter verbatim, without any fact-checking, is also very concerning. Not good enough, Erwin.
    [ED – Well, Dom, it depends on how sharp the axe is. On June 16, 2022 we published a report including this: “Some householders are currently receiving 26.65 cents per kilowatt hour for the power from their rooftop installations that they are feeding into the NT Government power grid. As of July 1 this will be reduced by two-thirds to 9.13 cents.”
    On November 18, 2021 we published a Letter to the Editor: “The NT government cancelled their 1 for 1 tariff rate last year without any warning, so any expectation that we could pay off our solar panels within the expected five or six years has been thrown in the trash.”
    We usually print letters verbatim and the readers are welcome to make up their minds.]

  3. @ Bill Yan.
    Having recklessly sold off our Territory Insurance Office and wasted the proceeds, the CLP now complain about high insurance costs.
    The TIO was designed as a service to Territorians. Unlike the company that bought it TIO did not aim to make huge profits, it provided affordable insurance to all residents.
    Power bills surged by 2.7% last year? If you want to see a surge look at the 20% plus increases interstate. The NT was only pipped by WA at 2.5% in having the smallest increase nationally.
    The CLP will slash project approval times by 50%, get rid of Labor’s destructive hybrid mining tax?
    So what environmental regulations will disappear because they must if approval times are to slashed by half?
    Will the CLP stop the Beetaloo fracking climate change disaster?
    The NT is very dependent on mining tax to pay for education, health and many other services.
    Please outline the CLP’s mining tax and how you will make up for reduced revenue from mining companies?

  4. Hi, as a non Territorian I was astonished with the claimed [three and a half times factor].
    What on earth was it spent on? Roads, schools, hospitals and projects that will grow the pie, one hopes. I mean the NT would only have about 250k residents max, how do those that spent it plan on repaying it?
    And on the subject of some or all of the NT rejoining SA, no thanks! Ten ears ago probably yes, but having sadly seen the decline in Alice, Tennant Creek and Kathrine over the last decade I have doubts the situation is reversible. Cheers.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

error: Content is protected !!