Territory economy is a bucket full of holes: Lia
The Territory economy right now is a bucket full of holes, when it should be overflowing with opportunity; instead it’s leaking. Labor is standing at the bucket staring blankly, with a child’s watering can – unwilling to do the work required to plug the holes and fill the bucket, they keep pouring your money in the top, only to watch it drain away.
The Territory is facing a tsunami of failures by Labor, and data from several highly reputable economic reports paint a story of total mismanagement and failure to deliver.
This is why the CLP is focused on rebuilding the Territory – to plug the holes in the bucket.
The CLP is determined to fix the broken systems in project delivery, law and order, and the cost of living. We will do that by changing the “rules of the game” to give Territorians every advantage, from economic growth to community safety. Our plan includes:
GIVING police better powers. STRENGTHENING laws and consequences for criminals. REDUCING approval times by 50 per cent.
FAST tracking investment through a brand new system of investment attraction.
PROVIDING relief and incentives for families to come and stay in the Territory.
The Territory must be the most competitive place in this nation to live, work and invest. This is our mission.
Our hearts break every time we hear a business close because they have had enough, or when a family leaves because the reasons they loved the Territory have been taken away from them.
You and I know the Territory is rich in opportunity, and amazing people live here. But if the opportunities are never delivered, we lose our people, and economic and social decline become entrenched.
The CLP is focused on five key areas of economic opportunity that will create jobs for Territorians now and for their kids in the future: minerals, gas, defence, agriculture and tourism.
By unlocking our natural strengths, we will create excitement and confidence about the future.
Our vision is that by removing the barriers that stop people starting a business or investing, moving here or staying in the Territory, we will grow our population, improve our lifestyle and get back to loving being Territorian.
The recent Darwin Major Business Group economic analysis hit the nail on the head, “Business As Usual” is not going to cut it. The Territory is the worst performing economy in Australia, shrinking by a whopping 5.25 per cent last year.
Many Territorians are suffering under high cost of living, evidenced by household consumption per capita decreasing in the December quarter, and insurance and transport costs are way above the rest of Australia. Job vacancies are another leading economic indicator and are a proxy for business confidence and investment.
Territory businesses are struggling to attract and retain workers. Master Builders NT has forecast a decline in commercial construction in 2024-25 and 2025-26. Residential building activity is anticipated to plummet by 18.2 per cent, amounting to $302.8m.
ABS data shows that in the last September quarter, 868 people left the Territory, many driven out by crime.
Our strategic importance in the region means we must focus on defence investment and secure the road, rail, air and sea infrastructure we need for national security, and for a strong Territory economy.
We must unlock our mineral, gas and agricultural resources through simple, well regulated frameworks that give certainty and let investors know Territorians want to see and be part of that growth. By making the Territory safe, Territorians will stay, people will move here and tourists will visit.
To get there, we must work hard and fast. The Territory needs a government that will do things differently, get the spark back in the economy and work with Territorians, not against them. In August, let’s start rebuilding the Territory, together.
ma“By king the Territory safe, Territorians will stay