NEWS Chamber’s grim warning

Business Editor

WITH Territory unemployment at record levels, government and business must turn their attention to working together to rebuild the economy by transitioning from high levels of stimulus back to marketdriven incomes, the peak body representing Territory businesses says. The Chamber of Commerce NT warned the prospects of population decline is real.

NT chief executive Greg Ireland says the Territory Government must facilitate private sector business investment to drive renewed growth of the economy and employment of Territorians.

Writing in today’s

Sunday

Territorian, Mr Ireland reminds us that even before COVID-19 NT businesses were concerned about their future and that of employees.

He refers to dire figures to illustrate the extent of the looming crisis and the concerns about what happens after the federally funded JobKeeper scheme ends.

“Ongoing depressed trading conditions, combined with JobKeeper’s end, could mean many businesses are no longer viable,” Mr Ireland warned. He said at the start of this month, 10,400 Territorians were unemployed and after a job.

“That is a jump of 2500 since April and is despite the progressive reopening of hospitality, service and retail businesses,” he said.

Mr Ireland points out that the fact half of all Territory businesses are accessing JobKeeper to help pay employees, means half of Territory businesses suffered a loss of 30 per cent or more of their revenue to qualify to receive JobKeeper support.

“Many lost 100 per cent,” he says.

Mr Ireland also points out that if after September 27 when Job Keeper ends, business revenues are not tracking strongly back towards what they were before COVID-19, and employment costs are no longer subsidised, businesses will have to reduce costs or closedown.

“That will mean more people losing their jobs,” he said.