NT Election 2024: How the two major parties will grow the NT economy

The NT News asked both major political parties two questions seeking how they will grow business if they win government. Here are the answers.

Ahead of the 2024 NT election, the NT News asked the ALP and CLP to tell us how they’ll improve the Territory’s economy if they gain – or maintain – power.

How can the NT government ensure that when public money is spent to encourage industry, they actually deliver on their promises?

ALP

Fostering economic growth and prosperity for all Territorians is a core Territory Labor value.

Access to meaningful, well-paying and future-focused jobs right across the Territory enhances wellbeing and enriches communities.

Our government invests in supporting and growing diverse industries and projects, Territory wide.

Instead of sugar hit projects of the past we have been focusing on diversifying our economy. Whether that be through our $35 million tourism initiative, data centres, defence or space, we don’t just target one industry.

When it comes to spending public money, no government has ever been under more scrutiny than ours.

Territory Labor introduced the ICAC when the CLP refused to do so.

Occasionally, private companies do hit hurdles that are challenging to clear, for many reasons. That is an unfortunate, normal part of business.

Protecting public funds is paramount.

Whatever the project is we always look at ways that other economic and social drivers can benefit from it.

Whether that be new roads, or community builds.

Scrutiny is part of it, that’s what our three Commissioners do daily.

It’s a big job and why we believe our existing three commissioners are better than the CLP’s proposal to only have one.

CLP

The CLP will establish the Approvals FastTrack Taskforce and the Office of the Territory Coordinator, providing innovative solutions to streamline project delivery and facilitate investment.

The Territory Coordinator can designate projects of significance and ensure that projects are championed from start to finish.

Step in rights on decision making timeframes and approval processes will serve as an important safeguard from red tape and create greater transparency and accountability in the project process.

The CLP will responsibly manage taxpayer money away from Labors pet projects to investments that bring better opportunities for Territorians.

The CLP will deliver rigorous due diligence before disbursing public funds.

Establishing clear criteria for project selection and robust monitoring mechanisms will mitigate risks.

The CLP will establish a lobbyist register, aiming to enhance integrity by tracking government-minister lobbyist interactions.

These initiatives signify a proactive approach to economic revitalisation, emphasising efficiency and adaptability.

Unlike Labor, the CLP will prioritise the interests of Territorians by promoting responsible governance and fiscal management.

By creating a climate of trust and accountability, the CLP will ensure that public funds are allocated with good judgement and industry projects deliver on their promises, driving the Territory towards a safe, strong future.

Will your party amend tax rates for any of the suite of charges controlled by the NT government including payroll tax, royalties and stamp duty? If not, what will your party do that will enhance private investment in the NT?

ALP:

Territory Labor will leverage proven local industries and embrace new and diverse opportunities and projects to build a strong, future-focused and resilient economy that sees all Territorians working.

We always support those established businesses, big and small, who have made the Territory home and invested in jobs for Territorians.

They are the backbone of the Territory’s economy and our strongest assets for future investment growth.

We will always do what is required to support local businesses and grow the economy. And our CV here is extensive.

From record $8 billion infrastructure investment since 2016, to the Territory’s biggest ever economic stimulus programs, including Home Improvement Scheme, Home and Business Battery Scheme and Roadhouse to Recovery.

Territory Labor introduced the Local Jobs Fund, and the Investment, Major Projects and Infrastructure Commissioners.

We partnered with Darwin Major Business Group for the Facing North and Reaching South events.

We delivered the recommendations of the Pepper Inquiry to deliver the Territory’s onshore gas industry; the Minerals Development Taskforce; the Territory Economic Reconstruction Commission recommendations and Economic Development Framework.

We will always work with Industry to identify ways to further encourage private investment in the Territory that benefits all Territorians.

CLP:

The CLP is the Party of lower taxes.

We have a plan to alleviate the financial strain on families and tackle the Territory’s economic challenges that are driving up cost of living.

The CLP will repeal Labor’s destructive hybrid mining tax, review payroll tax for small and medium businesses, and ensure there is no land tax – aiming to bolster Territorians’ disposable income.

Lower, fairer taxes are essential to attract population growth, foster job creation, and rebuild confidence in the Territory as a favourable place to live, work, and invest.

The CLP’s commitment to reviewing payroll tax underscores its dedication to promoting entrepreneurship and employment opportunities, ensuring a fair competitive tax system.

The CLP’s agenda focuses on eliminating barriers to investment, enhancing competition, and reducing living costs for all Territorians.

Under Labor’s leadership, weak policies have contributed to rising inflation, escalating crime rates, economic stagnation and flat population growth. The CLP will streamline project approvals, abolish detrimental taxes, and support key industries, charting a path towards a safe, strong Territory.

The choice is clear: continue on the trajectory of economic decline under Labor or embrace a future of growth and opportunity with the CLP.

• The bullet point summary was created with the assistance of AI technology (PaLM2) then edited and approved for publication by an editor.