NT Infrastructure Development Fund to be axed

THE Northern Territory Government is winding up the NT Infrastructure Development Fund and will use the money to finance shovel-ready “economic transformation projects”

Nicole Manison with Chief Minister Michael Gunner

THE Northern Territory Government is winding up the NT Infrastructure Development Fund (NTIDF) and will immediately divert half of the $185 million to help finance shovel-ready “economic transformation projects.”

Deputy Chief Minister Nicole Manison will announce the Governments decision today and advise that $92.5 million will be invested immediately in new job creating, stimulus projects.

The rest of the money will go towards paying down debt.

The NTIDF was established by the Giles government using funds from the privatisation of TIO and the 99-year lease of the port.

It was established to invest in infrastructure projects in the Territory and over time create a revenue stream for government. But in the past two years it has made just one investment of $10 million into a water bottling company, which has attracted criticism.

The NTIDF has also been criticised for its $2 million in overheads, despite earning $6 million in interest from the $200 million.

Treasurer Nicole Manison recently confirmed the NTIDF board was to be restructured but at the time did not say if the Government intended to reclaim the funds.

Today’s announcement ends that uncertainty about the NTIDF’s future.

Projects that will be considered for funding under the new Government ad, ministered scheme include:

Capital grants for economic transformation projects; concessional loans to deliver short-term finance to small and emerging businesses with significant long-term potential; and equity finance.

The Gunner Government has a number of major projects on the books which could some of the funds to get a kick start.

These include the Equatorial space launch project in Arnhem Land, the East Arm shiplift facility; A privately-operated waterpark; the Kakadu masterplan; a $100m Darwin-based lithium ion battery gigafactory; expansion of the Humpty Doo barra farm.