Budget 2016-17

The announcement of today’s Territory Budget was centred on Community, Prosperity and the Territory.

Northern Territory Director of the Property Council of Australia, Ruth Palmer, has welcomed the Territory’s Budget.

“The Budget provides stability and surety to the economy.” She said.

“This Budget, which has a near record of $1.7 billion in infrastructure expenditure, allows members to plan and build their business on the back of a stable and growing economy.

“The government has recycled the assets from the sale of the TIO and the lease of the Darwin Port into infrastructure which will add considerable value to the whole of the Territory economy.

“In particular, we have welcomed the expansion of the Northern Territory Infrastructure Development Fund, which now has $300 million of government seed money. This will be added to by the private sector and could see another $1.2 billion of private sector funds invested in the Territory.

“Cutting stamp duty for first home buyers represents a good compromise option to stimulate the residential market but will hopefully avoid the inflationary aspects of a grant.  The Property Council of Australia has long argued for a reduction in stamp duty.

“Similarly the $2,000 home improvement voucher for home owner-occupiers will push much needed work to local tradesmen.

“We also understand the decision by the government to push the deficit out by another two years to ‘soften’ the landing after the end of capital expenditure of the Inpex project in 18 months time.

“It is sensible way to manage the economy. By releasing the purse strings at a time when there is a slowing down of the economy, the government has demonstrated that it understands the needs of business and the community,” said Ms Palmer.

Treasurer David Tollner will be speaking at the SOLD OUT Property Council of Australia Budget Breakfast 25 May.

Media contact:  Ruth Palmer  |  M  0450 428 314  |   E  rpalmer@propertycouncil.com.au