CommSec report shows NT still underperforming

THE Northern Territory is still the weakest performing economy in the nation, according to the latest CommSec report

• The Territory ranks last in six categories shows quarterly report

THE latest state of the national economic report by CommSec reveals that the Northern Territory has made little, if any, inroads on its last placing from July and the previous six quarters before that.

The report gives the NT Government a reality check about the magnitude of the mammoth task ahead with the Northern Territory still having the weakest performing economy in the nation.

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The October CommSec report has the Territory ranked second for unemployment and fifth for economic growth with current output 18.7 per cent above the decade average level. The Territory’s nominal economic growth over the year to June was the fastest and up 7.9 per cent on the back of strong export growth.

Alarmingly, the Territory was again ranked last for the other six indicators.

CommSec State of the States is a quarterly publication that assesses the overall economic performance of each jurisdiction based on eight key indicators.

Economic performance is measured in terms of each jurisdiction’s change relative to their respective 10-year average (or ‘normal’) level for each economic indicator, rather than comparing economic performance across jurisdictions.

Based on September 2020 data, seasonally adjusted unemployment in the Territory was 11.8 per cent above the decade average level with seasonally adjusted unemployment at 4.8 per cent.

The Northern Territory has traditionally had low unemployment behind the nation’s public service capital Canberra.

In the year to March, the Territory was the only jurisdiction to record an annual decline, down by 0.17 per cent and 121.4 per cent below the decade average level (ranked last).

The Territory ranked last for construction work done, being 67.6 per cent below the decade average level.

The Territory was ranked last in terms of dwelling commencements, 60.0 per cent below the decade average level.

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Housing finance commitments in the Territory were valued at 9.5 per cent below the decade average level, the weakest of the jurisdictions.

Growth in retail spending was the weakest in Australia at just 0.5 per cent with the next weakest 4.5 per cent by Western Australia.

The Northern Territory’s 10 year average economic performance includes record construction and equipment investment, which will negatively affect the Territory’s overall relative performance.

Originally published as CommSec report shows NT still underperforming