The Territory's latest Mid-Year Budget Report shows the NT economy is strengthening, population growth is accelerating, and responsible financial management is firmly back on track under the Finocchiaro CLP Government.
The report, tabled today, shows the CLP's first budget is delivering significant budget improvements drawn by a burgeoning economy and strong revenue growth.
It highlights a range of positive indicators led by an increase in GST, a significant uptick in own-source revenue and a slow-down in the net debt accumulated under Labor.
· Over the forward estimates, net debt had improved by $387 million to 2028-29 showing that this Government's budget repair strategy is working
· As a result of population and economic growth, total revenue (Including GST payments and own source revenue) has increased by $617 million
· Private investment grew by 4.1% in 2024-2025, reflecting strong expenditure in the mining sector
· Increased payroll revenue of $11 million, driven by strengthening wages and business expansion
· Solid population growth of 1.3% from the year to March
As a result of this, the fiscal balance is projected to improve in aggregate by $369 million across the budget cycle.
NT Treasurer Bill Yan said the result showed the Finocchiaro CLP Government was delivering on its promise to rebuild the economy.
"We are continuing to turn debt, deficits, and mismanagement inherited from the Lawler legacy into an economy that's heading in the right direction," he said.
"With a reduction in the net debt we are accumulating, we're borrowing less to fund essential services and putting the taxpayer in a better position."
Further confirming the NT's economic turnaround, Moody's credit rating agency, who rate 90% of the world's public debt, gave the NT's borrowings a stable outlook.
The Business Council of Australia supports this ranking with the NT now ranked third best place in Australia to do business according to their Regulation Rumble 2025 report.
Meanwhile the CBA's CommSec State of the States report continues to give the NT the best ranking in nearly a decade buoyed by economic growth, population growth, housing finance, and dwelling starts.
And Deloitte Access Economics reports the NT economy's Gross State Product is forecast to grow 6.8% this financial year, the fastest growth nationally.
Minister Yan said the CLP Government's Rebuilding the Economy strategy was driving results across industry, population and employment.
"We remain committed to outpacing the nation in economic performance by harnessing the Territory's natural strengths, and ensuring all Territorians benefit," he said.
"This is what the Finocchiaro CLP Government was elected to do, returning the NT to a place where more people want to live, work, visit and invest.
The report is available on the NT Treasury web page here here.
