Modelling predicts troubled Home Improvement Scheme will inject $46 million into the NT economy

THE return to the Territory economy of cash handed out under the NT Government’s troubled Home Improvement Scheme so far is expected to reach $46 million, according to modelling obtained by the NT News

The NT Government’s troubled home improvement scheme has been predicted to provide a $46 million boost to the economy.

THE return to the Territory economy of cash handed out under the NT Government’s troubled Home Improvement Scheme (HIS) so far is expected to reach $46 million, according to modelling released to the NT News yesterday.

The modelling by ACIL Allen Consulting uses the combination of grant payouts and contributions by homeowners to predict the total additional economic activity the work is expected to generate.

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So far more than $17 million in grants has been paid out under the scheme, with a quarter of that money heading to homeowners in Palmerston.

More than 3000 applications have now been approved, while another 800 have been assessed or are currently under assessment, a minority of which were rejected or withdrawn.

About 15,000 applications are still to be assessed.

Chief Minister Michael Gunner said the cash injection represented a “jobs jackpot” for the Territory.

“It’s not just helping tradies and homeowners, it’s helping the whole Territory,” he said.

Mr Gunner said every dollar spent in the Territory right now was helping to save a Territory job.

“Territory tradies are the best — they know how important it is to back in locals,” he said.

“We are going through the biggest economic challenge in our history but I will keep doing whatever it takes to save lives and save jobs.”

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The HIS had previously come under fire after tradies reported long delays in the approvals process.

Businesses complained that just 526 applications had been approved by early May, saying the delays were damaging their businesses and threatening their viability.

But by the end of last month 2207 vouchers worth a combined $11.39 million had been sent out to households across the NT.

The scheme was originally allocated $30 million but later blew out to $100 million and at a parliamentary hearing on May 28, Mr Gunner revealed the extra funds would come from other undersubscribed grants programs and “capital works cash pool”.