Budget boost for northern development: Giles

p2154-Adam-GilesLETTER TO THE EDITOR

 

Sir – The Territory Government has welcomed the down-payment [in yesterday’s Federal Budget] on the development of a sustainable Northern Australia with the creation of a multi-billion dollar concessional loan scheme for infrastructure.

 

It recognises that infrastructure development in the north holds the key to Australia’s economic future. This is a budget for regional Australia, the powerhouse of the country’s economy.

 

As part of the $5 billion Northern Australia Infrastructure Facility, the Commonwealth will provide concessional loans to support the infrastructure projects desperately needed to bring the north to its full potential. This includes ports, railways, pipelines and electricity generation.

 

The aim is to increase private sector investment in Northern infrastructure and that’s exactly what my Government has been lobbying hard for.

 

I’m especially keen to see how this loan scheme may support the work we have begun on a possible rail corridor between Tennant Creek and Mount Isa, as just one example.

 

With the Northern Australia White Paper just around the corner, this is a practical demonstration of the Federal Coalition Government’s commitment to the cause.

 

The loan facility will be open for applications from 1 July 2015.

 

I know local small businesses, which make up the bulk of the Territory’s commercial activity, will be especially pleased with the $5.5 billion Jobs and Small Business package announced tonight.

 

At the centre of the package are tax cuts for all small businesses with annual turnover under $2 million and changes to depreciation rules which I know will be welcomed by Territory small businesses.

 

Primary Producers are also winners out of these reforms with farm businesses sharing in the tax cuts and deductions.

 

The Commonwealth is allocating $70 million to assist primary producers to claim accelerated depreciation for water facilities, fodder storage and fencing from 1 July 2016.

 

The Palmerston Regional Hospital is a critical piece of medical infrastructure for Northern Australia and we are looking closely at the funding allocation in the Budget to ensure there are no surprises in the fine print.

 

It is disappointing that there doesn’t appear to be any additional money for the Palmerston Regional Hospital but this was not unexpected and we will work through it to deliver the facility ahead of the original schedule.

 

I note that there are changes to the way Aboriginal programs are funded as part of this budget and officials will be scrutinising this over the coming days to see what it means for the Territory.

 

Adam Giles

Chief Minister

 

 

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2 Comments (starting with the most recent)

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  1. Roger W Miller
    Posted May 14, 2015 at 5:26 pm

    Developing the North is well on track here in Palmerston. In fact it is just over the road from me and has been ongoing for a long time to what was stated as “developing an access road and a few bicycle tracks”.
    What is missing is the very large sign that will be in place “Palmerston North”.
    Yep, all the infrastructure (power, water, sewage) is almost in place for our new suburb. Might even find a spot for a hospital.

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  2. Peter
    Posted May 13, 2015 at 3:21 pm

    It will be interesting to see if the $5 billion Northern Australia Infrastructure Facility can assist with the construction of the gas pipeline to the East Coast?
    Royalties from gas sales could make a large contribution to NT Government coffers and in turn benefit Territorians.

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