PROPERTY COUNCIL’S REPORT CARD OF TERC IMPLEMENTATION CURRENT STATUS AS AT MARCH 2021
The Property Council NT Division takes the Territory economic and strategic direction seriously. We believe that the Territory Economic Reconstruction is a positive pathway to reset and reopen our economy.
As part of the priorities and actions outlined in the report, it is essential that the Northern Territory government and industry work together towards:
- Injecting confidence into households and consumers,
- Set the framework for private sector business reinvesting,
- Restore the traditional drivers of Australia’s economic growth (skills, investment, and trade) and find new sources of economic strength, and
- Set the Territory on a permanent high-productivity trajectory.
Achieving these goals will require a mix of fresh thinking and revisiting well-known reform agendas, which should be reassessed. We stand ready to work with the NT Government to stimulate the Territory economic recovery and secure long-term prosperity.
On that basis, we note that we are well and truly into the New Year and almost mid-way through March. Our understanding that the first milestone was a report from the CE’s into their departments’ roles and responsibilities, as a directive from the Chief Minister, was due by February 2021.
The Property Council NT holds some real concerns about how the priorities and projects will be rolled out and how these critical time milestones will be met by the appropriate resources and have called on the Team Territory Co-Chairs to elaborate on the following:
Accountability
- Who is responsible for what?
- Who / what entity is responsible for completing all recommendations
- Will the department’s Key Performance Indicators be amended to incorporate the TERC recommendations?
Resourcing and Capability
- Are sufficient resources being put towards the recommendations?
- How is the capability of those resources determined to undertake their required tasks?
- Staffing / external resources/consultants appear essential as we are dealing with new industries never previously explored by the Northern Territory.
Reporting and disclosure
- How often will Team Territory provide updates?
- What information is going to be provided?
Milestones
- What are the key milestones for each TERC item? There must be milestones that are not just dates.
We believe that the TERC report provides a comprehensive and promising blueprint for the Territory’s future. Yet, it is currently only a blueprint that will require significant prioritisation and support to become a reality. The Northern Territory cannot afford to see this report neglected and not implemented within the identified timeframes.
We have said it before, and we will repeat it. It is now or never. Globally we are in an unprecedented time, which also presents an untapped opportunity. After a long hiatus of little to no economic activity, this is the shot in the arm that is needed, but we all know it must be done right.