Private investment in the Northern Territory has fallen to its lowest level in nearly five years, prompting concern among business leaders who fear small and medium enterprises are being left behind. New data from the Australian Bureau of Statistics shows a 25 per cent drop in private‑sector investment last year, driven largely by a near‑50 per cent decline in non‑dwelling construction.
For long‑time Darwin builder Jim Eadie, managing director of Aspire Design & Construct, the downturn has been impossible to ignore. “We’re heading for a bit of a slump, and the numbers have been showing that for some time,” he said. While the NT government has highlighted several major private developments in the pipeline, Eadie noted that “they are still a few years away.”
The CLP government has repeatedly pointed to large‑scale projects including the Darwin ship lift and the Beetaloo Sub‑basin as central to its plan to “rebuild” the NT economy.
This year, the government declared the ship‑lift site, now known as the Northern Marine Precinct, as its first Territory Development Area, giving the newly appointed Territory Coordinator the power to override certain legislation to fast‑track approvals.
Ministers have also travelled abroad, promoting the Beetaloo Sub‑basin to potential investors at conferences in Italy and the United States in an effort to attract long‑term capital.
But with investment in the broader private sector shrinking, business leaders warn that smaller operators cannot afford to wait for mega‑projects to materialise. Many are urging both the NT and federal governments to ensure that local businesses not just major corporations benefit from future development.
+ There are no comments
Add yours