Territory growth – it is mostly the Top End’s Inpex

p2106-Gerry-McCarthyLETTER TO THE EDITOR

 

Sir – Today’s CommSec State of the States report showed worrying signs on the horizon for the Territory economy.

 

Its report released today has identified the Territory’s strong economic growth numbers are almost exclusively as a result of the Inpex project which was secured by the previous Labor Government.

 

With the Darwin Correctional Precinct’s construction near completion and the Inpex project past the halfway mark, we still have heard nothing from the CLP about what major projects are in the pipeline.

 

Adam Giles is sitting on his hands and doing nothing to ensure continued economic growth past the end of these projects.

 

Also of concern is the fact that the Northern Territory remains the weakest economy for housing finance with trend commitments 17.5 per cent lower than the decade average.

 

The decline in the year was driven by a 30.3 per cent collapse in commitments made by first home buyers.

 

The Giles Government’s changes to the First Home Owners’ Grant scheme on 1 January 2015 means only new homes will be eligible for the $26,000 grant and established homes will no longer be eligible.

 

The CLP also axed the My New Home and Homestart Extra schemes condemning young Territorians to a life of renting, rather than getting into the housing market.

 

Gerry McCarthy

Shadow Treasurer

 

 

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  1. Sean
    Posted July 22, 2014 at 8:28 pm

    Right you are Gerry McCarthy, and for the usual booers, I voted CLP. As I’ve said before on this site, our, dare I say it “Chief Minister” simply is beyond his aptitude and capabilities let alone understanding, when it comes to economics or the private sector. This minefield that has been identified by Comsec (I have read the full report) is gaining terrible momentum.
    Unfortunately for the CLP it will all come to head around about election time.
    Land release they say? Great. Where are the titles? Where are the headworks? I’m talking Territory wide.
    Then there’s all the underlying industries, economic drivers, down, down, down.
    It’s high time the CLP brand – and party management – realise Alison Anderson is sometimes right.
    He is just a “little boy” in the big world of economics and management. Then again, don’t change at your peril, and suffer yet again as the brand did in 2001 and 2005.

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