An independent report detailed how the Australian and US Defence Departments plan on spending more than $6bn in the Northern Territory, fanning the flames of economic growth and job creation.
A $6bn boost for Australia’s Northern Territory
Ben Carter, chief executive officer of Master Builders Northern Territory, lauded the announcement, saying:
This is a multibillion-dollar partnership between the Australian and US Defence Departments and the construction sector. It’s going to create a surge in jobs, opportunities for thousands of businesses and other economy-wide benefits that will extend across the whole Top End.
ACIL Allen drafted the report commissioned by Master Builders Northern Territory. Dubbed the Billion Dollar Partnership, this document indicates an investment of $6.23bn in the region over the next five years.
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Covering 25 defence projects, the move will create an additional 7,500 jobs and inject economic growth of about 5% into the area. Master Builders were privy to this information in line with their ongoing partnership with the Australian Department of Defence.
The initiative spotlights the focus of the Federal Government and the Department of Defence regarding the Defence Strategic Review (DSR). Carter further commented:
The report also confirms the capacity of the construction sector in the Top End to deliver these projects. The DSR amplified the vital strategic importance of northern Australia and strengthening and expanding bases and facilities in the Northern Territory. It’s great news that such substantial progress is being made toward the achievement of that objective.
