The Territory Economic Reconstruction Commission has delivered its final report on what must happen to expand the Territory economy by billions of dollars and thousands of jobs.
This final report is the commission’s blueprint for a Territory-wide step change that will win more private investment and create jobs.
The commission thanks all those who provided submissions and briefings - 179 submissions with more than 900 individual recommendations were received mentioning more than 300 projects.
The final report is a challenging call to action to the Territory. The Territory cannot afford to sit back and assume ‘if we build it, they will come’. The Territory mindset must shift to be more investor-centric as part of a whole of Territory approach to winning investment.
The Territory Government, industry and the community must come together to prepare comprehensive pitches to investors and put forward evidence-based ideas and plans that demonstrate the Territory is prepared, engaged and ready to do business.
A $40 billion Territory economy by 2030 is a highly ambitious target that needs a sustained average annual gross state product growth rate of 3.9%.
The rate of growth needed to reach a $40 billion economy has been achieved in the Territory before when private resources projects supercharged the economy - with sustained and focused effort, this growth can be achieved again.
This is not business as usual - there must be a systemic shift in the role of the Territory Government, from one of facilitating investment to one that actively pursue and wins investment for the Territory.
It is time to take the red carpet to the investor.
Read the final report.