The CLP Government sledges former government over January 2025 CommSec report

Territory Treasurer Bill Yan has responded to the latest CommSec report which showed the Territory economy was the nation’s worst – more than 24 hours after it was released.

Northern Territory Treasurer Bill Yan talks to the media in the Todd Mall, Alice Springs, January 2, 2025. Picture: Gera Kazakov

Territory Treasurer Bill Yan has responded to the latest CommSec report which showed the Territory economy was the nation’s worst – more than 24 hours after it was released.

Mr Yan was contacted early Monday to reflect on CommSec’s latest quarterly economic report and to outline government plans to grow the economy.

Instead of an interview, he submitted a series of written answers to this masthead the following day, saying there were “a number of green shoots” in the report, which placed the Territory economy last nationally.

CommSec’s report also found the Territory ranked in last place for the quarter in five key categories; dwelling commencements, retail spending, construction work, housing finance and annual wages growth.

The report found the NT ranked in last place in categories including construction work. Picture: NCA NewsWire / Andrew Henshaw

The report acknowledged the Top End economy had performed better over the past 12 months, ranking first for retail spending and equipment investment.

Despite using CommSec reports to attack the previous Labor Government’s economic record, the report showed the CLP administration, elected in August, had so far failed to ignite the Territory economy.

In his response, Mr Yan attacked the previous government’s economic management.

“There are a number of green shoots in the report indicating a positive change within the Territory’s economy; something Labor didn’t achieve in their eight years in office,” he said.

“Our strength is equipment spend which relates to heightened business confidence through capex investment, as well as moving to fifth place for economic momentum.

“This is ahead of ACT, NSW and Tasmania. We’re also ahead of Victoria for unemployment.

These positive indicators are a sign our CLP Government, which has only been in office for five months after eight years of Labor, is delivering on our commitment to Territorians.

“It is a big ship to turn around, but our economic reforms are moving the Territory in the right direction.”

He said raising the payroll tax threshold to $2.5m “better positions Territory business to thrive” by reducing operating costs and the Territory Coordinator would “deliver further improvements to the green shoots” through increased business confidence.

Mr Yan listed the government’s economic reforms when asked to outline a big ticket economic item to existing projects like Arafura Rare Earths’ or the Beetaloo Basin.

“We are laser focused on growing the Territory economy in 2025 which we are achieving with reforms such as the HomeGrown Territory grants program, payroll tax reforms, Territory Coordinator and the Approvals Fast Track Taskforce,” he said.

“The CLP Government unequivocally backs our onshore gas industry.

“Developing the Beetaloo will deliver much-needed energy security for the Territory and the nation, rebuild the Territory’s economy, and create thousands of ongoing jobs for Territorians.”

Originally published as The CLP Government sledges former government over January 2025 CommSec report