EXCLUSIVE: Territory Economic Reconstruction Commission to present final report to Chief Minister within a fortnight

THE Territory Economic Reconstruction Commission, led by Andrew Liveris, is in Darwin meeting with key industry sectors and business leaders before delivering a final report to the Chief Minister in two weeks. In an EXCLUSIVE interview, Mr Liveris tells the NT News what Territorians can expect from its recommendations

THE Territory Economic Reconstruction Commission (TERC), led by Andrew Liveris, is in Darwin for the first time to embark on a round of face-to-face meetings with key industry sectors, business leaders and other stakeholders in the last of its fact- finding missions before delivering a final report to the Chief Minister in two weeks.

Mr Liveris said the next three days would play a critical role in putting the finishing touches to the TERC blueprint for rebuilding the Territory’s ailing economy.

Speaking exclusively to the NT News shortly after landing in Darwin, Mr Liveris said that while the commission had received submissions for about 300 projects, the final report would not be making recommendations on specific projects that the NT government should be pursuing.

“This report is not about picking winners,” Mr Liveris said.

Head of the Territory Economic Reconstruction Commission Andrew Liveris in Darwin to complete his long-awaited report. Picture: Katrina Bridgeford

“This is not project driven. The outcomes that will come from this report will be programic, systemic fixes that will encourage investors around the world and in Australia to look at the Northern Territory as a destination for investment, which will be a powerful answer.”

Mr Liveris said the report wanted the investor to have a better degree of certainty through improved structural mechanisms to speed up the processes.

“We have modelled best-in-class activities around the world to make these things happen and make this place the best country to do business in,” he said.

“I have been part of exercises like this across the world, and this is close to best-in-class in terms of breadth for such a thin economy.

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“This is about best practice in scanning the landscape of opportunity, and then deep drill against the priority to achieve the vision of a $40bn economy by 2030.

”You can’t solve things in a two, three-year period, especially infrastructure topics and skilling your workforce for tomorrow’s opportunities, and really trying to create a business environment where people want to invest preferentially versus all their other options.”

Mr Liveris said the report masterplan cast its net wide to agribusiness, mining, tourism, transport, Defence, energy and infrastructure.

“We have looked at those sectors in terms of competitive advantage, where there is some activity already, where it is working and how can you build on it,” he said.

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“Mining is very much a traditional area where we can definitely do better in. agribusiness we should be way more than an exporter of the primary, agricultural product.

“The value add of our agricultural products we should be doing at least one or two steps further in the value chains.

“On top of that the Territory can use the plentiful sun to create a solar highway and really create electrification off of solar.”