Northern Territory Growth to Strengthen

The latest Access Economics report has forecast a strong economic rebound for the Northern Territory region over the next five years.

The report released yesterday details a growth of 3.5 per cent growth over the next five years – the third biggest growth forecast behind Western Australia and Queensland.

Economic growth is expected to be low at around 0.3 per cent in the 2009/10 period but rebound strongly to 4.1 per cent in the 2010/11 period as private investment returns and there is an expected increase in consumption, population growth, and improvement in housing construction and improved economic conditions in the Territory’s key tradingpartners. The longer term growth prospects are much stronger, with the economy expected to show strong growth reaching 6.4% in 2012 -13.

The report also details employment growth in the region of 2.7 per cent which would make it the highest in Australia.

The government are believed to have invested $1.3 billion in infrastructure over the last 12 months, lifting public expenditure by 19 per cent in the region. Government expenditure in schools, police stations and health facilities is thought to have helped to keep the economy strong in the past 12 months.