Northern Territory Budget 2018-19

The announcement of today’s Territory Budget was centred on More Jobs, More People and a Brighter Future.

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

“This Budget had no surprises. We knew the Treasurer and her team were faced with some difficult decisions in the lead up to this day.

“One major positive announcement for our industry is the Government’s commitment to not introduce a Land Tax.

“The Government has listened to our industry on this matter and we are pleased with this outcome.

“We need taxes to be fair and equitable. A Land Tax would only further hurt and deter Territorians and people wanting to move here.

“The Government has announced a derelict and vacant site levy, however, this will not be imposed until 2019.

“We will now work hard with the Treasurer on how we can manage this levy, how we can structure it, and how it will be imposed.

“There is a lot of work to be done with this levy, we need to ensure it will not deter investment and further hurt Territorians who are already doing it tough.

“There are a number of property owners in the CBD who are doing the right thing and have done so for quite some time.

“We believe penalising them for 50% or more of vacant space in their buildings when the economy has been downward is not a practical solution and not the way to stimulate the economy. Especially when we have seen in recent years, activity drawn from the city.

“We need to work together, and work with our property owners to ensure our CBD is safe, inviting and a great place to be.

“This Budget, which has a 1.45 billion in infrastructure expenditure will allow members to plan and build their business on the back of a stable economy.

“The Government has placed a real focus on population growth and how we can increase the Territory’s population.

“We know our population is in decline and to have a plan in place to attract people to the Territory, not only for holiday makers but for people who want to live, work and play here is a must.

“Employers will now have a greater reason to employ locals and to turn FIFO workers into Territorian’s with the payroll tax exempt for locals.

“The Government has remained committed to the activation and revitalisation of the CBD with works still to commence on State Square and opening up the connectivity between the CBD and Waterfront.

“Heat mitigation trials will start in Cavenagh street, we need our city to be more liveable and walkable and these trials are a key step into making this happen.

“We will continue to work with the Government on ensuring the Darwin City Deal comes to life and we believe this will go a long way in further cementing investment opportunities.”

Media contact:  Ruth Palmer   |   E  rpalmer@propertycouncil.com.au