This is how the Territory plans to get its economy back on track

THE Territory’s world-class mineral deposits are front and centre in the Territory Economic Reconstruction Commission’s blueprint for what it takes for the Northern Territory to become a thriving place again.

THE Territory’s world-class mineral deposits, including critical minerals necessary for modern life, are front and centre in the Territory Economic Reconstruction Commission’s blueprint for what it takes for the Northern Territory to become a thriving place again.

The TERC Final Report made public today delivers a blueprint for a Territory-wide step change that will win more private investment and create jobs.

The 130-page report details the Commission’s advice on the key strategies, approaches and actions that will increase private sector investment, leading to industry growth, business opportunities and sustained and sustainable jobs growth.

It says that Mining and Energy will have by far and away the biggest contribution to an upward swing in the Territory’s economic growth at 27.5 per cent — 20 per cent ahead of the next biggest contributor.

It says globally, the use of gas is expected to rise both as a feedstock and a source of power, and it is critical the Territory is ready to capitalise on the opportunity the Beetaloo Basin will bring to the economy, once commercial feasibility is proven.

The report also singles out renewables saying they are the future of energy production and a focus on harnessing the Territory’s world class energy resources position it for growth in a net zero emissions world.

Some of the key points in the executive summary are:

THE Northern Territory has what it takes to become a thriving place to live, work and play.

THE Territory’s rate of growth has slowed over the last decade and will fall further without concerted effort.

TURNING this around to achieve a $40B economy by 2030 requires a sustained average annual Gross State Product growth rate of 3.9%.

A STEP change in the level of sustained private investment is required to fuel growth and jobs.

THE Territory must actively channel global forces to create a competitive advantage

COMPETING nationally and globally for private sector interest requires a bankable investment environment where it is easy to do business.

THIS is not business as usual – it requires a systemic shift in the role of government, from facilitating investment to one of actively pursuing and winning investment for the Territory.

RENEWABLES are the future of energy production, and a focus on harnessing the Territory’s world class energy resources position it for growth in a net zero emissions world.

GLOBALLY, the use of gas is expected to rise both as a feedstock and a source of power13, and it is critical the Territory is ready to capitalise on the opportunity the Beetaloo Basin will bring to the economy, once commercial feasibility is proven.

INITIATIVES that support decarbonisation and contribute to achieving net zero emissions are an opportunity for the Territory.

ACCELERATING the creation of low emissions advanced manufacturing businesses, in particular petrochemicals off the back of onshore and offshore gas, will transform the Territory’s economy across all sectors – creating demand for local jobs and supply opportunities.

URGENTLY working with existing operators to open new or expand existing mines will help address the economic impact from the expected closure of three mines by 2030After a number of years of incremental growth, Agribusiness is ready to develop at scale.

VISITORS are attracted to iconic destinations and experiences. Developing

world‐class tourism icons, based on the natural environment and Aboriginal culture, will provide the focus for national travel and the return of international travel.

GROWTH will occur in the regions, with Aboriginal people pursuing new opportunities.

GOVERNMENT must move quickly to make it easy to do business by streamlining the regulatory system.

A SKILLED population is a critical enabler of economic growth, and there is a requirement to grow.

National Security and Defence is the next biggest contributor to the upward swing in the Territory’s economic growth at 7.3 per cent, with tourism on 4.2 per cent, manufacturing 4.1 per cent and Agribusiness on 2.5 per cent.

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

Debt is expected to potentially approach $16 billion – a doubling of current levels – by 2030. It says continued NT Government stimulus initiatives are unsustainable and ithout sustained and courageous effort to grow the economy, economic decline will continue, resulting in falling relative living standards and challenging social cohesion.

“This is not business as usual – it requires a systemic shift in the role of government, from facilitating investment to one of actively pursuing and winning investment for the Territory,” the report says.

The approach required to win investment and deliver on the recommendations, includes NT Government actions to move to an investor centric approach, drive improvement in the bankable investment environment; create investment propositions and de-risk and then go to market.

YOU CAN READ THE FULL REPORT HERE

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