The Northern Territory economy has been in a sharp downward spiral for years. The Territory has made headlines for all the wrong reasons due to ongoing challenges with crime and anti-social behaviour.

The business community sees little to no growth and minimal foot traffic. Investment in the Territory is at record lows.

The recently released NT budget revealed net debt exceeding $11 billion for the upcoming financial year, equating to $42,649 per Northern Territory resident annually. This is predicted to worsen by over a billion in the next three years.

Against this backdrop, the NT is not perceived as an attractive place to live, experiencing more people leaving than settling.

The next NT Government must be bold, pulling out all stops to revive its economy. It needs to reinvigorate the Territory as a destination of choice for residents, interstate, and overseas arrivals.

For the residential building industry, building approvals are at record lows. This is compounded by rising interest rates and increasing regulations driving up construction costs.

For builders operating in the Territory or carrying out funded housing programs in regional and remote communities, access to skilled workers is the number one issue.

This should be seen as an opportunity for the next NT Government to unlock more workers in the construction industry and entice skilled workers from interstate and overseas.

The Federal Government, through National Cabinet, has set an ambitious target of building 1.2 million homes over the next 5 years to address the significant housing undersupply.

For the NT, this means 11,000 new homes in 5 years, contrasting with the 3,205 homes built in the previous 5 years.

HIA has highlighted the barriers and constraints in developing new housing and what needs to occur to meet these targets.

Meeting these targets would help the NT Government achieve its goal of a $40 billion economy by 2030.

Without addressing these barriers, delivering the needed homes will remain a dream.

The measures outlined will help supercharge the building industry, creating a stable and flourishing industry.

This would bring economic opportunities, including new jobs, greater retail activity, and substantial economic stimulation, ultimately housing future Territorians.

More homes in the Northern Territory will translate into more business activity, more jobs, and greater economic growth for all Territorians.

Making housing a key priority for the next NT Government is essential for rebuilding the Territory.