CommSec State of the States report: Signs of economic life in the NT, but we still trail nation
CommSec’s quarterly State of the States report has found an uptick in NT economic activity in the March 2024 quarter among other signs there’s life in the old girl yet. However, construction woes remain a drag.
Northern Territory
Don't miss out on the headlines from Northern Territory. Followed categories will be added to My News.
There was a glimmer of improvement in the Territory economy in the past three months, but we’re still ranked the country’s worst performing jurisdiction, according to the latest CommSec State of the States report.
With Under Treasurer Tim McManus set to outline the Territory’s economic position on Monday, CommSec has again ranked the Territory’s economy eighth out of eight.
Despite lagging in most categories, CommSec acknowledged recent improvements, particularly in annual growth rates.
“Reflecting a big improvement in recent economic performance, the Northern Territory jumps up to third place from eighth,” CommSec said in its report.
“The ‘Top End’ now ranks second on three of the key economic indicators.”
By contrast, in July, the March quarter report ranked the Territory economy and the Territory’s economic growth in eighth place, finishing last in six of eight benchmark categories.
The June quarter report, released on Monday, placed the Territory last in only five out of the eight benchmark categories and third on the economic growth table.
“The Northern Territory remains in eighth spot,” CommSec said in its report.
“We acknowledge that the economic performance ranking criteria disadvantages this small, open economy.
“As a result, we highlight the annual growth rankings – a measure of economic momentum.
“Measuring annual growth rates of the eight economic indicators, Western Australia is now alone in first spot.
“Queensland is second, the Northern Territory is third and the ACT is fourth.
“Tasmania stays fifth ahead of South Australia in sixth spot, followed by Victoria and
NSW in seventh and eighth spots, respectively.”
Confusingly, the Territory’s annual growth rate in the June quarter was the nation’s lowest at 2.2 per cent, compared to second-last WA, with 3.2 per cent, and fastest growing South Australia, at 8.4 per cent.
Reflecting long-term averages, the Territory was also ranked last in retail spending at 1.2 per cent; last in construction work at minus 37.2 per cent; last on dwelling starts, down 46.8 per cent; and last on approved housing finance, down 16.5 per cent.
Population growth was 0.8 per cent, putting us one place above cellar-dweller Tasmania on 0.38 per cent.
Unemployment was 14.6 per cent lower than the decade average, also putting us in seventh place.
Equipment investment was in sixth place, at 20.3 per cent above the decade average.
Chief Minister Lia Finocchiaro said responsibility for five-and-a-half years of CommSec wooden spoons lay with Labor, and her government had a plan to reverse that.
“Yet again the Territory is ranked last in economic growth, a position we have held for the last five-and-a-half-years,” she said.
“That is why it is critical,we rebuild our economy, alongside our commitment to reduce crime and restore our lifestyle.
“The Under Treasurer will [on Monday] be outlining the economic position of the Territory as well as the state of the books left by the former Labor government.
“Economic repair won’t be easy, but the new CLP Government has already hit the ground running with the release of our HomeGrown Territory Grants housing package and our payroll tax relief to stimulate small businesses and grow jobs.
“The next crucial step will be [establishing the role of] the Territory Coordinator... to get projects and processes moving again.”
Comment was sought from the Labor opposition.
More Coverage
Originally published as CommSec State of the States report: Signs of economic life in the NT, but we still trail nation
280+ party photos: Flashback to massive nights at Monsoons
It’s been a mainstay of the Darwin night-life scene with locals partying at the notorious Mitchell St hotspot. Did you get papped on the dance floor in the 2010s?
‘Orwellian’: Health dept boss warns union against Darwin doctor protest
NT health has told the union to rein in medical staff who planned a protest against Health Minister Steve Edgington, leaked emails have revealed, prompting concerns of overreach from the department.