Northern Australia policy will encourage growth

Northern Australia policy will encourage growthThe Australian Government’s White Paper on Developing Northern Australia features practical and innovative policies with the potential to dramatically boost investment in the top end.The white paper, released last week, outlines the Abbott Government’s vision to “unlock the great potential and opportunities of the north” and focuses on building priority roads, developing water resources, removing red tape, amassing a sustainable workforce and ensuring effective governance arrangements.An initial commitment of $1.2 billion has been earmarked for various projects, including a $600 million roads package and $200 million water infrastructure fund. In addition, a $5 billion Northern Australia concessional loans facility will support projects that transform the region into an “economic powerhouse”.Ruth Palmer (pictured), the Property Council’s director in the Northern Territory, has welcomed investments in infrastructure and roads.”The NT is growing and these investments are crucial if we are to ensure that growth is smart, well-connected and highly productive,” she says.”In particular we welcome the push for simpler and more secure land arrangements, which will benefit the community, native title holders and business.”Meanwhile, latest retail statistics show that the Darwin city centre needs further investment to make it more attractive to both businesses and residents.The Sensis Business Index reports that 18 per cent of Territory businesses are worried about the year ahead, while Department of Treasury and Finance statistics reveal a 0.8 per cent decrease in retail sales through the year to April 2015.The Property Council continues to advocate for the Darwin City Centre Master Plan to be finalised and implemented. Palmer says current delays “create uncertainty and a lack of confidence” in the business community.”We need government to commit to improving the services and amenities in the city centre to give retailers, investors, developers and traders the confidence to invest,” Palmer concludes.