In Business

Northern Territory Chief Minister Michael Gunner

Territory Economic Reconstruction Final Report

Victor P Taffa

Northern Territory Government has today released the Territory Economic Reconstruction Commission’s Final Report.

“I established the Territory Economic Reconstruction Commission because I want the Territory to emerge from this crisis with a head-start.” Chief Minister Michael Gunner said.

“This report is ambitious, there is no doubt about that. But I believe we should be ambitious for the Territory and its future.”

This report offers a whole-of-Territory blueprint for our economic rebound with an ambitious goal of making the Territory a $40 Billion economy by 2030.

Report advocates for a Territory-wide step-change to win more private investment and create more jobs requiring the public sector, the private sector and the non-government sector to work together.

Commission identifies priority industries that are critical to grow our economy, attract private investment and create jobs:

  • Energy, including renewables and gas for manufacturing;
  • Resources and agribusiness;
  • Tourism;
  • Defence and maritime;
  • Digital and space industries

Commission also identifies regional growth, and Aboriginal economic development and empowerment, as key to the Territory’s future success.

Government is already making progress in all these areas, and the Commission’s Final Report will help sharpen our focus and provides a clear long-term roadmap for government, for industry and for investors.

In addition to the work already underway across the priority sectors, our actions to implement Commission recommendations so far include:

  • Establishing the Investment Delivery Taskforce;
  • Implementing a red tape reduction action plan, including reducing the timeframe for standard business approvals to 30 days;
  • Investing in renewables infrastructure and water supply infrastructure in the Budget.

Today, the Cabinet has accepted the Final Report in full, and tasked Agency CEOs with developing implementation plans for each of the Commission’s 22 focus areas.

On behalf of all Territorians, the Government gives its sincere thanks to Commission members for their work as well as the members of Team Territory, regional committee members, and the dedicated professionals in the public service for their secretariat support.

Territory Economic Reconstruction Commission was established in May this year, to provide expert advice on how to maximise the Territory’s economic rebound in the wake of the coronavirus crisis.

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