Five-point plan towards $40bn economy

Chief Minister Eva Lawler had to cancel a long-standing engagement to speak at an economic lunch in Darwin Thursday afternoon to travel to Alice Springs amid a continuing crime crisis.

Chief Minister Eva Lawler had to cancel a long-standing engagement to speak at an economic lunch in Darwin Thursday afternoon to travel to Alice Springs amid a continuing crime crisis.

Ms Lawler had to withdraw from the launch of Darwin Major Business Group’s ‘Over the Horizon Opportunities’ report at the Convention Centre, with Infrastructure Minister Joel Bowden filling the void.

More than 100 business leaders, association heads and politicians attended the report launch which shone a light on the challenges of achieving strong, sustained economic growth in the Territory.

It included a presentation by report author Jonathan Pavetto from AEC Group and a panel discussion involving senior business figures.

The report benchmarks the 2020 Territory Economic Reconstruction Report which provided a pathway for the Territory economy to grow to $40bn by 2030.

A panel discussion at Thursday’s launch from left AEC Group’s Jonathan Pavetto, economist David Malone, NT Chamber of Commerce chairman Natasha Griggs, foundation head of Darwin Major Business Group Ian Kew, Lord Mayor Kon Vatskalis and Casuarina Square owner Sentinel’s Polly Lamond. Courtesy Darwin Major Business Group.

Currently hovering around $30bn and on target to only reach $34bn by 2030, key factors highlighted in the report include private investment, population growth, business costs, workforce challenges, underemployment, law and order, defence and costs of doing businesses.

NT Seafood Council chief executive Katherine Winchester highlighted the parochialism that can act as an impediment to business.

She said the welcome investment into the Territory’s seafood industry by Wild Barra Fisheries brought criticism because the company is from Western Australia.

Guests at Thursday’s launch were provided with a booklet containing a five-point priority plan for kickstarting the Northern Territory economy.

It recommended priority be given to adopting a “winning investment” mandate and dropping “facilitation” as a goal.

Establishing a continuous Public Company Board attraction program as well as an independent data office should be supported by an annual Investment Success Conference and a public campaign detailing the economic benefits of Beetaloo.

To maximise Commonwealth Defence investment the Territory should establish a Top End Military Zone and it said to boost housing supply, the Territory should allocate $30m from the infrastructure program to develop incentive packages for new housing including buyers, investors and affordable homes.

To tackle crime it recommended repeat property offenders making restitution through work, the establishment of prison farms for youth offenders, opening youth drop-in centres, boosting police resources and giving courts power to enforce community service obligations on parents.

Host David Slama compered the Darwin Major Business Group event. Courtesy Darwin Major Business Group

It also called for the second stage of the Darwin Waterfront project to be fast-tracked and for negotiations with the Commonwealth for a Kakadu in the Wet infrastructure program.

Mr Bowden said the government maintained the “aspiration” to achieve a $40bn economy by 2030.

“With some of the projects in the pipeline, we think we might just exceed that,” Mr Bowden said. “We support the gas industry and the benefits it will bring for the Territory which is more work for more Territorians.

“We also have a $4bn joint program (with Canberra) to create 2700 new homes in the bush.”

Opposition Leader Lia Finocchiaro described as a “hero” federal court judge Natalie Charlesworth, who exposed deceptions among environmental organisations trying to stop the Barossa gas project.

“We must push back on the economic vandals who seek to destroy the opportunities we have as a Territory because if we let these people take over, if we let these people destroy what we have we will never amount to anything,” she said.

“The facts are the facts, with lawlessness and uncertainty in approvals, the Territory is simply not competing. We should not be languishing with our incredible key strengths here in gas, minerals, agriculture, defence and tourism.”