The Territory ranks last in six categories shows quarterly report
THE Territory is Australia’s worst-performing jurisdiction yet again according to the newest CommSec report
Northern Territory
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THE Territory is Australia’s worst-performing jurisdiction yet again according to the newest CommSec report.
The quarterly State of the States report analyses each jurisdiction’s performance through eight key indicators. The Territory ranked fifth and sixth in two categories but lagged behind the rest of the states in the remaining six categories.
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In economic growth the Territory was ranked fifth with an increase of 20.5 per cent, ahead of the ACT, Queensland and South Australia.
The NT also recorded the second fastest nominal economic growth with an increase of 9 per cent.
In retail spending the Territory recorded the weakest result with a decrease of 0.6 per cent. The annual growth of the Territory’s monthly retail trade was up 10.9 per cent.
The Territory was last in equipment investment, down 19.7 per cent, with an annual decline of 6.6 per cent.
Unemployment was down 0.2 per cent on June 2019, ranking the Territory sixth followed by South Australia and WA.
The Territory placed last in construction work with a significant decline by 73.5 per cent and an annual decline of 30.7 per cent.
The NT’s annual population growth shrank by 0.38 per cent, down 146.3 per cent from the decade average rate.
The Territory’s housing finance commitments were the weakest, down 39.5 per cent with an annual decline of 23 per cent.
Dwelling starts were also down 67.2 per cent below the decade average.
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In other indicators, the biggest real wage gap was recorded in the Territory with wages 0.9pp higher than consumer prices. Wage growth in the year to the march quarter was up 2.4 per cent, and house prices were 0.9 per cent lower than a year ago.
For the first time since October 2009 Tasmania was the leading state, ranking first in economic growth, relative population growth, relative unemployment, equipment investment and retail trade.
NT Chamber of Commerce chief executive Greg Ireland described the report as a “sobering” view of the Territory’s economy.
“It’s only likely to continue to potentially grow as COVID-19 impacts deeper into the economy,” he said.
“If were to remove the INPEX related exports then you’d see the Territory economy is placed eighth on the overall performance list which is what we ultimately need the Reconstruction Commission to take into account.”
Mr Ireland however said the Territory still had potential to slowly bounce back.
“We need to return to a mindset that is enabling business and enabling development,” he said.
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