NEWS NT Budget to target private sector boom

THE Gunner Government will put $1.5 million towards helping businesses deal with red tape in an effort to speed up “significant projects” and lift the Territory out of its economic slump.

The funding for “significant project champions” will be announced in Tuesday’s Territory budget and will be split over two years.

“We are open for business and we want to make it as easy as possible for people to invest in the Territory,” Chief Minister Michael Gunner said.

The program is aimed at projects worth less than $100 million, the point at which major project status typically kicks in, but where the businesses are too large to get help from the Business Department’s “small business champions” program.

The program will aim to attract private sector investment in the Territory’s economy and create jobs.

“We need to ensure the process for investors is streamlined, efficient and presents the Territory in a consistent and professional manner,” Mr Gunner said.

“There are incredible proposals on the horizon and our significant project champions will be key to securing these investments,” he said.

The significant project champions will be tasked with helping businesses with legislation, authorisations, licences and permits.

Mr Gunner said the department will not be given extra numbers in its staffing cap.

He said the significant project champions program is consistent with recommendations of the recently released budget repair plan, whose author, John Langoulant, said in his report: “The Territory urgently needs a concerted … effort to attract private investment to expedite major projects and stimulate economic growth more broadly”.

Mr Langoulant found business confidence in the Territory was low, new projects were not imminent and the “volatile” Territory economy was vulnerable to the boomand-bust cycle of major projects, such as Inpex.

“Attracting private investment and streamlining major project facilitation is the key to kickstarting an economic recovery in the Territory,” Mr Langoulant’s report said.

Mr Langoulant recommended a “refresh” to major project approvals processes and found privately-backed major projects had been the key driver of the Territory’s economy over the past 20 years.

The Gunner government has committed to establishing an “officer for investment attraction” in early July this year and to “improving the efficiency” of major project approvals.

“We want to make it easy to invest in the Territory “