NT Govt debt could double to hit $16bn by 2030, Territory Economic Reconstruction Commission warns in final report

NORTHERN Territory debt is expected to potentially approach an eye-watering $16bn by 2030, the Territory Economic Reconstruction Commission final report says.

• Territory’s economic blueprint revealed in final TERC report

NORTHERN Territory debt is expected to potentially approach an eye-watering $16bn by 2030, the Territory Economic Reconstruction Commission final report says.

It points out that this is a doubling of current levels.

The report warns that the Territory’s revenue position is vulnerable.

It says continued NT government stimulus initiatives are unsustainable and points out that private investment has hit its lowest level in nearly two decades.

To grow the economy to $40bn by 2030 will require an average $1.4bn per annum of additional economic output.

The Territory Economic Reconstruction Commission says without sustained and courageous effort to grow the economy, economic decline will continue, resulting in falling relative living standards and challenging social cohesion.

Chief Minister Michael Gunner addresses the media about the Territory Economic Reconstruction Commission final report. Picture: Katrina Bridgeford

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Deputy Opposition Leader Gerard Maley has called on the NT government to act with speed to implement the TERC road map to recovery.

“Now this report has been released I hope Michael Gunner follows the blueprint and takes action sooner rather than later,” Mr Maley said.

“Our economy is on its knees and action is needed now.

“Michael Gunner has passed the buck down to the Commission, but the report is here now, it’s done and Michael Gunner needs to show some leadership and use the blueprint to fix the problems.

“Now he’s got a blueprint, he’s got no excuses, he needs to follow it and get the economy going right now.”

The Lock the Gate Alliance is critical of TERC’s emphasis on the importance of the gas rich Beetaloo Basin.

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“The Territory Economic Reconstruction Commission final report’s emphasis on fracking the Beetaloo Basin is inconsistent with its support for a zero emissions NT economy,” Protect Country Alliance spokesman Graeme Sawyer said.

“Territorians have been delivered a contradictory report which on one page stresses the need to tackle climate change, while on another promotes fracking the Beetaloo and releasing a carbon bomb.”