The Territory is emerging as a destination for investment and growth
It is encouraging to see the latest Business Council of Australia Regulation Rumble and CommSec’s State of the States reports tell a story of confidence and opportunity for the Northern Territory writes Glen Hingley the CEO of Northern Territory Chamber of Commerce.
It is encouraging to see the latest Business Council of Australia Regulation Rumble and CommSec’s State of the States reports tell a story of confidence and opportunity for the Northern Territory.
Ranked as the third best place in Australia to do business, the Territory is emerging as a destination for investment and growth, yet we still have much to do in terms of reducing red tape and improving government policy settings to allow business to reach their potential.
It is welcoming to see these nationally respected reports reflect growing business confidence and consumer activity, with the Territory now leading the nation in population growth and housing finance, and household spending is up nine per cent above long-run averages.
More people living here means more customers, and stronger spending means more confidence.
These are good indicators for small businesses considering how they might scale and invest.
While equipment investment and construction work remain below long-term averages, the upward trend in consumer demand and lending activity offers a platform for SMEs to build resilience and consider growth.
The Territory’s business community is known for its adaptability, and these conditions support that strength.
Recent announcements in LNG development and rare earth projects such as the Beetaloo Basin and Arafura Rare Earths’ Nolans Project promise long-term value and employment beyond the construction phase.
Defence infrastructure investment will further underpin growth, but sustained prosperity depends on diversification into defence, agriculture, education, health, advanced technologies and manufacturing.
While these indicators demonstrate business optimism in the Territory, the latest National Small Business Conditions Report by the Australian Chamber of Commerce and Industry shows pressures have intensified across Australia: rising costs, workforce shortages, mounting compliance obligations, and mental health strain are stretching owners to their limits.
Nearly a third have considered closing their doors, and too many are spending time navigating red tape rather than serving customers.
Here in the NT, our population growth, rising home values and improving domestic demand show we are moving into a more stable, growth-oriented phase.
This creates opportunities across construction, retail, services and other industries, and underscores the importance of continually improving policy certainty to attract long-term private investment.
While these emerging signals from respected national reports are indeed good news, yet we still have much to do.
The Territory’s future depends on our ability to ensure businesses of all sizes, across all industries, can grow.
With further support in reducing red tape and business-friendly government policy settings, this will only help improve our economic and social trajectory.
This is our moment, let’s continue to seize it.
Glen Hingley is the CEO of Northern Territory Chamber of Commerce
New $18m aged care unit to boost Darwin’s capacity
