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

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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.