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$vuetify.icons.faPhone1300 650 620

Northern Territory Election Priorities

Housing key to rebuilding the Territory

Northern Territory Election Priorities

Housing key to rebuilding the Territory

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.

Luis Espinoza

Executive Director – Northern Territory
The next NT Government must be bold and pull out all stops to get the Territory economy moving in a positive direction and return the NT as a destination of choice.
Luis Espinoza

 

The construction industry employs
7.4%
of Territorians

Super-charging home building delivery can make the NT economy a
$40 billion
economy by 2030

The value of new home building work in the Northern Territory in 2023 was
$245 million

The value of renovation work in the Northern Territory in 2023 was
$103 million

The value of residential building work in the Northern Territory in 2023 was
$348 million

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Recommendations

HIA recommends that the next NT Government prioritises the following key measures

Empower homeownership

{{ truncate("Super-charge the first home owner grant to make home dreams a reality.") }}

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Revitalise and renew

{{ truncate("Launch a renovation grant to upgrade NT’s housing stock.") }}

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Double down on housing

{{ truncate("Invest heavily in social, community, and affordable housing.") }}

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Unlock land potential

{{ truncate("Reform planning and release new land to boost housing supply.") }}

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Build a stronger workforce

{{ truncate("Attract and retain talent in the construction industry.") }}

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Safe havens

{{ truncate("Offer a safe environment for people to raise their families in the NT.") }}

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Choice in residential building insurance

{{ truncate("Provide a modern and flexible insurance scheme for builders and homeowners.") }}

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Seamless building processes

{{ truncate("Create a one-stop shop government agency.") }}

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Cut the red tape

{{ truncate("Reduce taxes, charges, and bureaucracy for housing and small businesses.") }}

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Innovate and educate

{{ truncate("Fund innovation and upskilling initiatives in the industry.") }}

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