Territory Alliance wants NAIF loan to pay for payroll tax pause plan

TERRITORY Alliance would attempt to take out a federal government loan through a program designed to fund infrastructure in Northern Australia

TERRITORY Alliance would attempt to take out a federal government loan through a program designed to fund infrastructure in Northern Australia to make up for the revenue the government would lose by suspending payroll tax for all businesses.

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Party leader Terry Mills on Wednesday said under a government run by him, businesses in the NT would not have to fork out payroll tax for the next two financial years in order to “protect jobs” from the pandemic fallout.

In order to make up for the inevitable revenue shortfall, which stands at an estimated $54.4m in 2020/21 under the current government’s targeted stimulus measures, Territory Alliance would ask the federal government to give it a loan through the $5bn Northern Australia Infrastructure Facility.

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Mr Mills defended the policy, which would increase NT’s debt while reducing own-source revenue, as a “practical” one that would see economic return once businesses recovered and the resources sector was able to move forward under a less complicated approvals system.