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{{propApi.successMessage}} {{region}} Change locationFinancial boost for skills and housing in NT Budget
Financial boost for skills and housing in NT Budget
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The Northern Territory Government released its Budget 2024-25: Working for the Territory today.
The Budget includes the Appropriation Bill, Budget Strategy and Outlook, Budget Statement, and Infrastructure Program, as well as an Industry Outlook.
“HIA put forward in its Pre-Budget Submission the need for a strong and stable home building workforce, which includes developing skills within the Territory and attracting migrants into the Territory as well as significantly increasing the supply of housing.
“It is pleasing to see the Budget continue to provide targeted homeowner assistance through the House and Land Package Exemption, alongside the $10,000 first homeowner grant, and access to competitive HomeBuild loans to support access to low deposit home loan options.
“Another important investment is the Commonwealth and Territory governments joint $4 billion investment for housing in remote communities across the Territory.
“The Northern Territory Government also continues to work on land development by implementing the recommendations of the independent review Bringing Land to Market.
“These measures will assist with addressing some of housing challenges in the Territory but certainly more is needed to increase the volume of homes as part of the Northern Territory’s share of the Australian Government’s goal of building 1.2 million homes over the next five years
“On the skills front it is pleasing to see apprenticeship and traineeship subsidies and work gear bonuses for first-year apprentices included in the Budget, which HIA called for as part of our Pre-Budget Submission.
“The Budget allocates $109.2 million for vocational education and training to meet the skills requirements of the Northern Territory and $24 million for apprenticeships and traineeships.
“Growing and maintaining our industry workforce and sourcing skilled workers, continues to be an ongoing challenge for the Territory. A strong construction workforce is the only way that the Territory will ever solve the housing supply and affordability problem as well as the ability to build the regional and remote housing needed.
In the lead up to the NT election this year HIA will be calling on an incoming Government to have a key agenda that supports the delivery of new housing and renovations and maintaining and growing a skilled workforce for the Territory,” concluded Mr Espinoza
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Housing progress at roundtable important but more work to do
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HIA welcomes $300 million plantation grant to boost timber supply
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HomeGrown grant key to rebuilding the Territory
“Today’s announcement on the successful take up of the HomeGrown Territory grant highlights the importance of this key housing support scheme that is spurring economic growth and kickstarting home building across the Territory,” stated HIA Executive Director - Northern Territory, Luis Espinoza.