The June quarter Business outlook from Deloitte Access Economics released today tips the Territory economy to be the fastest growing in Australia over the next five years, with the strongest employment growth over the period.

 

Treasurer, Delia Lawrie, said the result confirmed the  of major projects secured by the Henderson government.

 

“The Territory’s economy is forecast to lead the nation, growing at an of average 4.8% per annum over the next five years, while employment growth will also be Australia's strongest at 2.3%, placing us ahead of all jurisdictions including boom state WA,” Ms Lawrie said.

 

“These forecasts demonstrate the the Northern Territory is headed in the right direction and are a testament to the Henderson Government’s track record of attracting and delivering major projects to build the prosperity of the Territory.

 

“In other economic data released today, the Commonwealth Bank’s ‘State of the States’ report, which ranks jurisdictions against a ten year average over eight key indicators, shows the Territory surging up the ladder from seventh to third through strong economic growth, retail spending and employment.

 

“Commsec reports the Northern Territory to now have the fastest annual state final demand growth rate in the nation at a ‘stunning’ 10.4 per cent, leading annual growth rates on equipment investment (up 39.9 per cent) and construction work (up 80.9 per cent) and second in retail spending behind WA", Ms Lawrie said.