Key major businesses table blueprint for Northern Territory economic recovery

Around 20 of the Territory’s key major businesses have released a key blueprint for Northern Territory economic recovery. Read what it recommends.

A Crane back on Darwins skyline as work progresses at the CDU City Campus. Picture: Glenn Campbell

Go hard or fail, that is the underlying message Darwin’s key major businesses will deliver to the CLP Government on Friday with the release of a strategic blueprint aimed at accelerating the Northern Territory’s economic recovery.

The blueprint warns the level of Northern Territory debt is not sustainable, and the Territory must shift to private sector growth.

It says a ‘growth-first’ strategy focused on enabling infrastructure, industry expansion, and workforce development is essential to restore economic resilience and long-term sustainability.

It warns with the Territory’s debt projected to exceed $15 billion by 2028-29, achieving sustainable economic growth requires continued focus on attracting private investment and reigniting the Territory’s reputation as a place to do business.

The Territory must grow its way out of debt by: accelerating private sector investment; fast-tracking major projects; and ensuring policy certainty, the report says.

The extensive strategic document, Over the Horizon-Opportunities, by the Darwin Major Business Group (DMBG), will be presented to goverment and the business community on Friday.

The Darwin Major Business Group is made up of 19 larger businesses.

The majority of member businesses are long term investors in the northern Australia economy and are large employers with their futures tied to the Darwin, Top End and northern Australia economies.

Crane back on Darwins skyline Picture: Glenn Campbell

The strategic document says the NT Government must take decisive action in the following areas:

•Fast track approvals processes

•Target infrastructure investment

•Increase productivity through workforce and regional development

•Rebuild investor confidence in the Northern Territory

•Invest in a culture of performance and accountability.

The Over the Horizon-Opportunities document says to secure major project investment, effective supply chain growth and local business and industry expansion, the following are critical: growth-focused policy; investment in enabling infrastructure; workforce growth and skills development; enhanced liveability and community infrastructure; support for business growth; and leveraging the NT’s strategic geographic location.

CEO and principal economist for AEC Group Pty Ltd, Ashley Page, the report’s authors, said most of its recommendations aligned with the CLP Government’s strategic blueprint released by Chief Minister Lia Finocchiaro this week.

“Over the Horizon has a stronger call for economy wide development and growth beyond major projects,” he said.

“Right now there is an enormous amount of opportunity for the Northern Territory. Economic growth has stagnated over the last six to 10 years. The government is faced with an increasing level of debt and the economy has not grown while taking on the more debt.

“So it hasn’t been efficient or productive debt.

“There is now a real opportunity to align policy, workforce, liveability to support major projects come up out of the ground with more planning certainty, but at the same time encourage broader economic growth.

“There are a heap of major projects out there that if the investment environment is right they will be delivered.

“There a whole lot of things the NT government can do to not necessarily bring them forward, but to stop them being delayed. It is about unlocking private industry to grow the economy and to grow out of debt.”

Darwin Major Business Group chair Chairman Steve Margetic

Darwin Major Business Group Chair Steve Margetic said economic management was not something for just government, to be worked out behind closed doors.

“We all need to be involved and that’s the intent of this blueprint,” Mr Margetic said.

“Across the world, successful communities do well when government, the community, and business all pull in the same direction.

“And that’s why DMBG invests in independent economic research like this year’s report, and why we offer up our conversation starters on what needs to be done.

“Our economic direction affects every person living in the Territory.

“Our jobs, lifestyles, living standards and future opportunities all rest on the strength of our economy.”

Originally published as Key major businesses table blueprint for Northern Territory economic recovery