‘It is achievable but we must move forward’: $40bn economic goal by 2020 can be reached says Chamber of Commerce

THE NT’s leading authority in business says an ambitious goal set by the Territory Economic Reconstruction Commission’s report is achievable, so long as action begins immediately

• Territory’s economic blueprint revealed in final TERC report
• Read the Territory Economic Reconstruction Commission’s report here

THE NT Chamber of Commerce says the Territory Economic Reconstruction Commission’s goal to achieve a $40 billion economy by 2030 is achievable but action needs to begin immediately.

Chamber of Commerce NT chief operating officer Nicole Walsh said the TERC’s highly-anticipated report was positive and strong-focused.

“It’s pleasing to see that in the report investment is a priority and de-risking investment,” she said.

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“We think all of the priority industries they’ve identified are important for the whole of the Territory. We look forward to seeing these recommendations come through and what it means for these industries.”

She said the report’s goal to reach a $40 billion economy in 10 years, which requires a sustained average gross state product growth of 3.9 per cent, was a feasible target.

“It is achievable but we must move forward,” she said.

Chief Minister Michael Gunner releasing the Territory Economic Reconstruction Commission’s final report. Picture: Katrina Bridgeford.

“We already have a Territory full of opportunities so let’s continue along that path with good, strong economic strategies that will come out of this report.”

Ms Walsh said the TERC report’s focus on actions to support investment, which include access to land, water, power and digital connections would prove critical in the future.

“We need to connect regions, connect businesses and communities,” she said.

“With road upgrades they connect communities and boost tourism.

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“We need access to land, if there’s no land businesses can’t build and if they can’t build they won’t invest.

“We’ve got to get started. We have a great plan so let’s go.”

She was also confident the report’s recommendations would encourage population growth and sustain it.