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Speaker 1: Now the Darwin Major Business Group has launched an independent

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Speaker 1: report on the territory economy last week, releasing the report,

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Speaker 1: which analyzes economic challenges and also opportunities in the Northern Territory,

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Speaker 1: the Over the Horizon Opportunities Economic Report. It's delivered by

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Speaker 1: independent economic consultants AEC Group, and it aims to support

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Speaker 1: the joint agenda of the Northern Territory and Australian governments

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Speaker 1: to considerably grow the size of the Northern Territory's economy.

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Speaker 1: It also looks at those recommendations from the twenty twenty

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Speaker 1: Territory Economic Reconstruction Commission. You'll recall that a couple of

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Speaker 1: years ago we were talking about it a lot, the

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Speaker 1: Turk or the TERSI Final Report and the economic drivers

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Speaker 1: towards reaching that forty billion dollar economy by twenty thirty

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Speaker 1: that is edging ever so close now. And joining me

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Speaker 1: on the line is the Darwin Major Business Group chair

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Speaker 1: Steve Margetik. Good morning to you.

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Speaker 2: Steve Hey, Good morning Katie, Good morning listeners.

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Speaker 1: Thanks so much for your time this morning. Now, Steve,

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Speaker 1: tell us why was that report commissioned?

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Speaker 2: Katie? Our economy is really important to us. It shapes

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Speaker 2: our living standards, our jobs, the opportunities for our kids,

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Speaker 2: our business success and the lifestyles we enjoy here in

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Speaker 2: the territory. There hasn't been much conversation about that in

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Speaker 2: recent times, at least in our major business groups. Of

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Speaker 2: you something that we wanted to change. So were they

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Speaker 2: see to do a deep dive on all of the

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Speaker 2: key metrics that they thought affected our opportunities going forward?

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Speaker 2: And that would so that we might all have a

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Speaker 2: common starting position withn't want another round of opinions versus opinions,

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Speaker 2: and that was really unhelpful and it can't move us forward.

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Speaker 2: At least the start of our economic conversation need to

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Speaker 2: be based on the facts as they are today, and

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Speaker 2: the report we were released last week let those facts

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Speaker 2: out in nice clear terms.

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Speaker 1: And so, Steve, I mean, what are the what are

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Speaker 1: the facts at this point in time? How are we

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Speaker 1: looking when you sort of look at the agenda of

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Speaker 1: the Northern Territory government and the federal government and really

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Speaker 1: sort of look at that that very ambitious target of

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Speaker 1: forty billion dollar of a forty billion dollar economy by

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Speaker 1: twenty thirty.

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Speaker 2: Well, at the moment, Katie, the projections are that will

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Speaker 2: probably undershoot that forty billion target by twenty thirty, and

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Speaker 2: that book might be by as much as six billion dollars.

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Speaker 2: We think that's recoverable though, with the pipeline of opportunity

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Speaker 2: that's still before us before twenty thirty, but that's dependent

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Speaker 2: on getting some things refocused in the immediate term to

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Speaker 2: achieve that outcome.

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Speaker 1: And so what areas do we sort of need a

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Speaker 1: refocus here? I mean, and what are potentially the main

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Speaker 1: factors that are hindering our growth?

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Speaker 2: Well, I think if you cast your mind back twenty

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Speaker 2: years or so, the territory was pretty aggressive and how

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Speaker 2: pursued investment opportunity. Now that investment environment's got more complex

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Speaker 2: over time and there's a lot more process around decision making.

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Speaker 2: But I guess one of the observations we've made is

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Speaker 2: previously we used to really lean into economic opportunity in

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Speaker 2: the teritory, and certainly over the last a recent period

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Speaker 2: there's been a tendency to facilitate perhaps more so than

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Speaker 2: leaning in. Now it's a much more complex environment, as

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Speaker 2: I mentioned. To really change that, we've got to kickstart

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Speaker 2: our private sector investment again, which means getting our attraction

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Speaker 2: settings back into the right framework our housing affordability in

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Speaker 2: the teritory. We used to back in around two thousand

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Speaker 2: we had perhaps the most attractive first time buyer and

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Speaker 2: housing entry programs in the country. We don't have that anymore.

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Speaker 2: It's absolutely fundamental for private sector investment that we get

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Speaker 2: those settings right and we make it as attractive as

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Speaker 2: possible to not only keep young territories entering the housing market,

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Speaker 2: but to attract the labor force that we need from

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Speaker 2: around the country. And a big part of that in

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Speaker 2: retaining them is getting them to actually invest in their

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Speaker 2: own housing in the territory. Yeah, it doesn't.

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Speaker 1: Seem to be a huge amount at the moment, and

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Speaker 1: maybe it's just that I've gotten a little bit older

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Speaker 1: and I've got my own home, But there doesn't seem

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Speaker 1: to be sort of any like any kind of real

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Speaker 1: incentive I suppose for those first home buyers, but also

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Speaker 1: to potentially lure people from other states to move here,

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Speaker 1: you know, with some of those incentives in terms of

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Speaker 1: being able to own their first property here in the

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Speaker 1: Northern Territory, we'd.

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Speaker 2: Agree attracting people to the charity, it's a really competitive industry.

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Speaker 2: Queensland are very aggressive in their housing attraction policies in

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Speaker 2: WA are certainly very aggressive as well. We have to

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Speaker 2: meet that and better it, and I believe we can

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Speaker 2: and we can do that reason we cost effectively as well.

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Speaker 1: Steve, I know there's going to be people listening this

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Speaker 1: morning thinking or saying, you know, the reason that it's

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Speaker 1: difficult as well to get people to move here for

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Speaker 1: work is that our reputation is not great right now

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Speaker 1: when it comes to some of the issues with crime

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Speaker 1: and anti social behavior.

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Speaker 2: It's certainly a challenge and it's each one that is

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Speaker 2: probably front of mine for all territories at the moment,

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Speaker 2: and one that we would like to not have to

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Speaker 2: deal with, certainly to the daily extent we are. I

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Speaker 2: think every jurisdiction, if you look at the morning morning news,

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Speaker 2: every jurisdiction around the country's got challenges at the moment.

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Speaker 2: We have ours absolutely front of mind and that's unfortunate

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Speaker 2: and it's something we've got to come to terms with.

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Speaker 2: We've got to be able to deal with it. It's

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Speaker 2: not an easy one, but it's for sure, and there's

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Speaker 2: a lot of effort going into it, but it does

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Speaker 2: need to be dealt with.

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Speaker 1: From the dower major Business Group's perspective, like just stepping

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Speaker 1: away from that crime for a sec because it's something

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Speaker 1: I talk about on the show every day, and I

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Speaker 1: think that we all understand that we need to make

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Speaker 1: some really serious change in that space. But stepping away

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Speaker 1: from that and you know, looking more at our major projects,

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Speaker 1: looking more at you know, what is going to get

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Speaker 1: us to that forty billion dollar economy. And as you've

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Speaker 1: said there, it is looking like we're going to undershoot

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Speaker 1: that potentially by around six billion dollars. But what, you know,

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Speaker 1: what could we be doing to really try to get

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Speaker 1: the economy moving and get some of those major projects

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Speaker 1: happening and major investment into the Northern territory.

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Speaker 2: Well, I think that's the that's obviously the sixty four

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Speaker 2: dollars question. When we commissioned this report, we didn't profess

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Speaker 2: to have all of the answers, but we we have

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Speaker 2: provided a number of potential initiatives under each of the

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Speaker 2: five priorities that we identified out of the report. Those priorities,

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Speaker 2: just quickly, the first priority is obviously kickstart investment. We've

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Speaker 2: had very solid public sector investment and that's with defense

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Speaker 2: and with the territory government. Investing in the territory, which

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Speaker 2: has been fantastic. That we need to leverage that investment

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Speaker 2: with private sector investment to get the network and benefit

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Speaker 2: out of it. We've got to seize opportunities to be

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Speaker 2: able to leverage the defense investment in the territory at

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Speaker 2: the moment, and that's ongoing for a number of years still,

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Speaker 2: so there's still opportunity there. Our third priority is accelerating

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Speaker 2: housing supply. That housing supply is absolutely critical for every

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Speaker 2: aspect of capability in the territory. None of our businesses

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Speaker 2: can grow with our people. We don't create demand in

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Speaker 2: the local economy unless we've got people, so just it's

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Speaker 2: a circular issue. So our fourth priority, we've got to

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Speaker 2: reclaim our cities in towns and deal with crime and

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Speaker 2: social behavior and we just touched on that. Part of

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Speaker 2: that is leads into our fifth priority about rejuvenating the

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Speaker 2: territory's liverability and that's part of urban renewal is a

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Speaker 2: really important part of that. Rebalancing our planning schemes towards

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Speaker 2: growth and development, things like fast tracking, stage till the

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Speaker 2: day and waterfront We would be very supportive of those

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Speaker 2: sorts of initiatives because they create step change in livability

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Speaker 2: and the sorts of things that Territorians are proud of. Yeah,

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Speaker 2: we've really got to get territorians to get behind territory

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Speaker 2: development again.

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Speaker 1: Yeah. Do you know what, Like, territorians are the biggest

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Speaker 1: ambassadors for really trying to get other people to move

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Speaker 1: here as well encouraging you know, encouraging people to come

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Speaker 1: to the end the tourism wise or to live and

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Speaker 1: like you've touched on, you know, that's where we need

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Speaker 1: some really serious work right now, I think too. Like

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Speaker 1: for me, I feel like that issue with crime and

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Speaker 1: antisocial behavior, it's one that needs to be sorted for

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Speaker 1: so many reasons. But even when you look at territorians

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Speaker 1: being ambassadors for this place, we need to get back

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Speaker 1: to a point where we feel prout of it and

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Speaker 1: where we feel like it's a safe place for people

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Speaker 1: to move and you want to encourage your family and

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Speaker 1: your friends to be here.

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Speaker 2: Absolutely, it's a key part of the fabric of being

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Speaker 2: in the territory. I mean, we've the territories. If you

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Speaker 2: tell them they can't do something, then they'll go out

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Speaker 2: of their way to prove you wrong. And we really

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Speaker 2: got to get that mindset back. We are, we're very

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Speaker 2: capable jurisdiction and we need that belief and we need

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Speaker 2: that confidence back in the market to really kick as

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Speaker 2: I say, private sector investments start to realize our broader

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Speaker 2: economic potential. People need to understand, I think Katie, economic

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Speaker 2: growth is absolutely fundamental to everything that we do on

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Speaker 2: a daily basis. It's the standard of living, it's whether

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Speaker 2: our house pricing appreciates. It goes to everything our ability

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Speaker 2: to be able to afford the level of social services

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Speaker 2: and the life that we need. So having a keen

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Speaker 2: interest in economic development and the growth rate is pretty cool.

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Speaker 2: And if we can get that growth rate up around

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Speaker 2: the five and a half percent, which has got to

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Speaker 2: be in excess of what the Australian growth rate is,

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Speaker 2: we will get to that forty billion and we're certainly

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Speaker 2: confident that we can.

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Speaker 1: Like everyone wants it to happen, you know, everybody wants

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Speaker 1: the place to prosper, and I guess it's just it's

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Speaker 1: just trying to kick things along. Steve. In terms of

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Speaker 1: the report, you know that you have obviously commissioned the

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Speaker 1: Darlin Major Business Group. Has an Northern Territory government responded,

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Speaker 1: Have they had the opportunity to have a look at it.

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Speaker 2: We've certainly briefed the government prior to the release of

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Speaker 2: the report, and we brief the opposition as well, and

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Speaker 2: they're considering the report. There's a number of things in

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Speaker 2: there that I think are probably have been in train already.

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Speaker 2: As I say, the AAC report was a measurement of

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Speaker 2: a data set at appoint in time, so it was

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Speaker 2: an it's a fact based observation of the performance of

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Speaker 2: the territory economy and the state and its current status.

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Speaker 2: So how we move forward from there is certainly going

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Speaker 2: to be I guess from our mind for both the

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Speaker 2: government and the opposition.

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Speaker 1: Steve, you know, in terms of some of the big

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Speaker 1: plans that the Northern Territory and the federal government have got.

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Speaker 1: You know, we talk a lot about that defense spend,

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Speaker 1: but then you also look at you know, look at

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Speaker 1: Middle Arm where they like there had previously been discussion

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Speaker 1: from that TERCI report about things like a petrochemical hub.

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Speaker 1: I mean, the Northern Territory government has changed their approach

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Speaker 1: to some degree on that. But then you kind of

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Speaker 1: always have you know, you've always got groups of people

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Speaker 1: that then are trying to stop that sort of development

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Speaker 1: and trying to hinder some of that development for environmental

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Speaker 1: reasons or for various other reasons. How do you kind

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Speaker 1: of overcome that type of thing and, you know, and

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Speaker 1: try to continue I guess for the governments from the

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Speaker 1: government's perspective, try to continue on with some of these

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Speaker 1: huge projects that could economically benefit the Northern Territory when

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Speaker 1: you do have those other concerns being raised.

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Speaker 2: It's a great, great question, Katie. And one of the

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Speaker 2: things we've seen, particularly over probably the last couple of

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Speaker 2: years is the silent majority of territories haven't really spoken

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Speaker 2: up in support of of these major projects for economic development.

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Speaker 2: We've heard a lot of noise in the in the community,

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Speaker 2: and they're predominantly around groups that have a different view

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Speaker 2: called economic development. Middle arm is vital for the territory's

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Speaker 2: future growth. So I think that and the fact that

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Speaker 2: the priorities there may change marg well, that's that's what

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Speaker 2: normally occurs in the in the fullness of time. The

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Speaker 2: Turkey Report was a very high quality economic report at

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Speaker 2: the time, and it's as relevant today as it was

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Speaker 2: when it was first released. So getting our planning right

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Speaker 2: and being able to signal what those uses are and

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Speaker 2: then being able to articulate to engage territories in the

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Speaker 2: argument and understand what people need to stand behind is

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Speaker 2: a really important part of the journey as well. And

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Speaker 2: it's fair to say none of us have done that

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Speaker 2: that well. And when I say that, I mean that's

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Speaker 2: the business community as well. We haven't perhaps stood up

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Speaker 2: behind some of these opportunities when they've been put forward

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Speaker 2: or been put under pressure. And as territorians, we need

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Speaker 2: to do that. We need to come out and support

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Speaker 2: of our opportunity as opposed to thinking it's going to

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Speaker 2: occur anyway.

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Speaker 1: Yeah, I think it's a really good point. And you know,

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Speaker 1: quite often, I guess a lot of us sort of

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Speaker 1: just go a bit quiet or we don't say. You know,

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Speaker 1: people don't say a huge amount because they are a

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Speaker 1: bit worried that they might get shot down or you know,

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Speaker 1: people having a crack at them. But I think it

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Speaker 1: is time for us all to sort of stand up

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Speaker 1: and you know, talk about what we believe it and

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Speaker 1: what we think does need to happen in the end.

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Speaker 2: Absolutely. I mean these are all compon flex developments, these

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Speaker 2: big projects, so people sometimes may not think they understand

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Speaker 2: it enough, but it's the principle of what it is

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Speaker 2: and being able to articulate support and demonstrate support for

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Speaker 2: They've got to create the environment for governments to be

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Speaker 2: able to make the right decisions, you know, the bigger,

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Speaker 2: braver decisions as well. In the territory, we're always going

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Speaker 2: to have to make braver decisions than we would in

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Speaker 2: the Southern States. Our economy is not as mature yet

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Speaker 2: so that the task is before us.

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Speaker 1: Yep. Well, Steve Margtik, the chair of the Darwin Major

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Speaker 1: Business Group, I really appreciate your time this morning. It's

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Speaker 1: good to talk about the economy, good to talk about

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Speaker 1: a few other things.

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Speaker 2: Great to talk to you, Katie, Thank you, thank you,

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Speaker 2: much appreciated.