Territory gets record boost in infrastructure in NT Budget

Territory gets record boost in infrastructure in NT BudgetThe Northern Territory Government has handed down its 2015/16 Budget for Territorians.The Property Council of Australia welcomed the massive $1.39 billion allocated in the Budget for investment into roads and infrastructure. NT Director, Ruth Palmer, said the NT Government has recognised the economic benefits of unlocking growth in the property industry in this Budget.The Budget papers show that robust economic growth in recent years has led to strong Territory labour market conditions, with employment growth exceeding expectations in 13/14. Labour market conditions are expected to soften over the medium term as the Ichthys LNG project transitions from the construction phase to the less labour-intensive production phase.”The 2015/16 Budget handed down today will help deliver more homes for Territory families,” Ms Palmer said. “It is great to see the Northern Territory government investing $45.5m in a land release program which aims to deliver 6,0 homes over 10 years.”Another $56.4 million has been injected into commercial and industrial land release; the Brewer Estate Heavy Industrial subdivision, Middle Arm and the Wishart Road development will see benefits from this.Lower growth in housing costs, purchase prices and rents has seen Darwin’s CPI growth drop from 3.9% in 2013 to 2.9% in 2014. This has bought us closer to national outcomes.The Territory’s net debt, which was at 98%, has decreased to 39%, giving the government more resources to invest in the Territory.”Australia’s property industry is emerging as the main driver of economic growth and in the last year the Territory economy grew by 6.5% – well and truly exceeded expectations. In the past two years we have seen the economy grow by 11% – double the national growth average,” Ms Palmer said.”The Property Council will be hosting its annual Budget Breakdown Breakfast on Thursday and looks forward to exploring what the Budget 2015/16 will deliver for the property industry. The Breakfast also provides people in the industry with the opportunity to engage in a Q&A session with the Treasurer and Minister for Lands and Planning, the Hon David Tollner MLA.”For a full detailed report on the Territory Budget visit www.budget.nt.gov.auFor more information on the Property Council’s NT Budget Breakdown Breakfast visit http://www.propertyoz.com.au/nt/Article/EventDetail.aspx?p=31&id=3919Media contact: Ruth Palmer | M 04 428 314 | E [email protected]