Slow population growth hits NT’s bottom-line

 

The release of today’s 2016 census results has confirmed that slow population growth is negatively impacting the Territory’s economy.

"Population growth and economic growth go hand in hand, and as a result of the minimal growth, the Territory has been hit with a reduction in our share of the GST and dwindling private sector investment,” Property Council NT Executive Director Ruth Palmer said.

“The Northern Territory’s population has now reached 228, 833 up from 211,945 in the 2011 census.

“Population growth has been at a snail’s pace, increasing just 8% in 5 years, and much more needs to be done to attract people to the Territory.

“The slowing of industries such as oil and gas have left the NT with the highest dwelling vacancy rate in the country at 14.1%.  “Rents have also increased by 40% since 2011, while rental income has only increased by 18.5%.

“The Northern Territory Government must act quickly to ensure the NT remains an attractive place to live, work and play.

“The Property Council is calling on the Territory Government to implement and proceed with a raft of initiatives to make the NT an affordable and vibrant place to live.

"Initiatives such as the Revitalise Darwin CBD program has the potential to reenergise the CBD, boosting tourism and private sector investment which will create long-term employment opportunities for Territorians,” Ms Palmer said. 


Media contact:  Ruth Palmer  |  M  0450 428 314  |   E  rpalmer@propertycouncil.com.au