Interim road map to coronavirus economic recovery to be unveiled today

CHIEF Minister Michael Gunner will today release the Territory Economic Reconstruction Commission’s eagerly anticipated interim report, with the government expected to adopt each of its more than a dozen recommendations.

Chief Minister Michael Gunner will today release the Territory Economic Reconstruction Commission’s eagerly anticipated interim report. Picture: Che Chorley

CHIEF Minister Michael Gunner will today release the Territory Economic Reconstruction Commission’s eagerly anticipated interim report, with the government expected to adopt each of its more than a dozen recommendations.

While the details of the report were not released ahead of time, the recommendations are understood to include plans for new industries including hydrogen, battery storage and onshore gas as well as fast-tracking private sector financing for mining projects.

The Economic Reconstruction Commission (ERC) handed its report to Mr Gunner at the weekend and he said it backed the government’s focus on energy, renewables and manufacturing as the Territory recovered from the coronavirus-induced economic shutdown.

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Mr Gunner said a key objective of the report was making the NT “the easiest place in Australia to do business” with a focus on reducing red tape.

“Being the safest place in Australia has put us in prime position to have the strongest comeback in Australia,” he said.

“I am determined to turn this once-in-century crisis into a once-in-a-century opportunity for the Territory.

“We will make the Territory Australia’s comeback capital.”

The ERC, co-chaired by former Labor chief minister Paul Henderson and former Dow Chemicals chief executive Andrew Liveris, has a remit of boosting the Territory economy to the tune of thousands of jobs and billions of dollars by 2030.

Its other members include former Westpac chief executive Gail Kelly and long term public servant and ex-treasury secretary Martin Parkinson.

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The commission has five key responsibilities — to create jobs in the near term, attract investment, find ways government can slash red tape, figure out how to “build on the Territory’s competitive advantage” and engage with the federal government, investors and trade partners.

The commission’s final report is due to be handed down in November.