Hello,
May was a busy month with many important announcements that will set a range of projects and economic stimulation in motion.
The Northern Territory Government announced the 2023/24 Budget, which included a record $4bn infrastructure program focusing on transport corridors and much-needed housing programs as the Government aims to achieve their target of a $40bn economy by 2030. Housing, especially in regional areas, is becoming a more common issue as a barrier to growth as businesses struggle to recruit staff to scale.
The budget’s high infrastructure and capital work spending aligns with the Federal Government’s Defence Strategic Review, citing the importance of resilient civil infrastructure in the North. This spending will continue to create significant commercial opportunities for local civil and construction contractors.
On the 3rd of May the NT Government announced they had satisfied all 135 recommendations from the independent Pepper inquiry into hydraulic fracturing, enabling gas operators to progress past exploration through retention and production licences, creating a huge demand for an uplift in regional infrastructure, population, and supply chain opportunities.
ICN will play an essential role in maximising the local economic benefits of this industry by assisting gas Operators in engaging local supply chains. ICN was written into the inquiry report’s recommendation 13.7 for maximising regional benefits and is also referenced as a mechanism of local benefit reporting for the industry.
If you want to understand the pipeline of incoming projects and the opportunities available to your business, please make an appointment with one of our industry specialists.
Contact the office on 8922 9422 or email enquiries@icnnt.org.au
Daniel McCormick
Acting Chief Executive Officer
