CommSec’s State of the States report ranks Northern Territory dead last for 14th consecutive quarter

The latest CommSec State of the States report has ranked the Northern Territory in last place out of all the Australian states and territories for the 14th consecutive quarter.

THE latest CommSec State of the States report has ranked the Northern Territory in last place out of all the Australian states and territories for the 14th consecutive quarter.

The quarterly report showed that key indicators such as retail spending, population growth and housing finance commitments were on a downward trajectory in the Territory for the April 2022 edition.

Although general economic activity has spiked compared to the decade-average, the Territory’s economy remains the weakest in the nation.

Prime Minister Scott Morrison at Cazalys Palmerston Club with Lia Finocchiaro, left. Ms Finocchiaro said the CommSec report shows that ‘not enough is being done to support the Territory’. Picture: Jason Edwards

The latest State of the States report means the Northern Territory has ranked in last place for 3.5 years in a row.

Acting Chief Minister Nicole Manison dismissed the report as “nonsense”.

“The CommSec report is the same misleading nonsense,” she said.

“It does not compare us to other jurisdictions, it compares the NT to its own 10-year average, which obviously included the Inpex construction boom.

“In fact, as confirmed by the latest economic data from Deloitte, our economy is showing some of the best economic indicators in the country.”

Opposition leader Lia Finocchiaro said Chief Minister Michael Gunner was responsible for the economic downturn revealed in the report.

“For the last three and a half years, Michael Gunner has run the NT’s economy into the ground,” Ms Finocchiaro said.

“He’s racked up an $8 billion debt, which is projected to grow to $9 billion next year, with no plan to rein in reckless spending, and Territorians are paying the price.

“Michael Gunner can’t keep ignoring the evidence, like this critical analysis from independent economists, by throwing reports he doesn’t like in the bin.”

Ms Finocchiaro said not enough was being done to support the Northern Territory.

“CommSec ranks the NT dead last on six of the eight key economic indicators including retail spending, equipment investment, unemployment, construction work, housing finance, and dwelling starts,” she said.

“Population growth in the Territory is down close to 140 per cent on the decade average.

“It’s just not good enough.”