Treasurer Bill Yan and Under Treasurer Tim McManus will next week travel by road from Darwin and down the track to Alice Springs to talk with Territorians about the state of our economy.
Mr Yan and Mr McManus will outline the Finocchiaro CLP Government's plan to fix the economic mess left behind after eight years of Labor failings and mismanagement.
The sessions will give businesses, community leaders, and locals a chance to hear directly about the Territory's finances, the challenges the CLP Government has inherited, and the work which is underway to turn things around.
Roadshow details:
Darwin: Tuesday 4 February, 4-5:30 pm, DoubleTree By Hilton, Grand Ballroom (200 attendees expected).Katherine: Wednesday 5 February, 5-6:30 pm, GYRACC Auditorium (50-100 attendees expected).Tennant Creek: Friday 7 February, 9:30-11:00 am, Civic Hall (50-100 attendees expected).Alice Springs: Friday 7 February, 4-5:30 pm, DoubleTree, Grand Ballroom (200 attendees expected).
The Economy: Where We Stand
The latest State of the States report from CommSec, covering July to September 2024, and Deloitte Access Economics' December report, paint a challenging picture.
The reports reflect the economic environment the CLP Government inherited when elected in August 2024.
"In just five months, our government has launched the HomeGrown Territory Grants program with over 370 applications and more than $2.2 million in grants paid, Territory Coordinator reform, and abolished payroll tax for 200 small businesses while additionally supporting hundreds of medium businesses to grow," said Mr Yan.
"Other economic initiatives include establishing the Approvals Fast Track Taskforce to reform regulatory processes and reduce approval timeframes for small businesses and investing $27 million in Alice Springs infrastructure projects.
"The Territory Coordinator will re-define the way business is done and will allow us to focus on our key economic strengths in mining, energy, agriculture, tourism and defence."
According to Deloitte, the Territory's economy is expected to contract by 0.4% in 2024-25, primarily due to a 14.3% drop in international exports and an 11.5% fall in housing investment.
There are, however, positive indicators of growth ahead.
Business investment has risen by 5.8%, and the Territory's economic outlook is forecast to improve dramatically, with a 6.0% growth rate projected for 2025-26 - the highest in the nation.
Equipment spending, a key indicator of business confidence, surged 47.5% last year, and Deloitte predicts steady employment growth and population increases averaging 1.5% annually over the next five years.
These results underscore the resilience of the Territory, and its potential for recovery.
"While the path ahead is tough, these reports affirm what Territorians already know - Labor left the economy in a fragile state," said Mr Yan.
"Our government has already begun laying the foundations for sustainable growth, but turning the ship around will take time, hard work, and a commitment to doing things differently.
"We've taken our time to examine the books which has identified further cost blowouts across Labor's projects - which is why in eight years we've blown out to $12 billion in debt - with their last budget ensuring we reach the debt cap by 2028."
The CLP Government's economic plan is built around practical steps - cutting red tape, backing businesses, and ensuring taxpayer dollars are spent wisely.
The roadshow will focus on how the government is stabilising the Territory's finances, reducing costs for families and businesses, and making smart investments to create jobs and drive growth.
To register your interest to attend any of the roadshows, email [email protected].
