The Australian and US Defence Departments will spend more than $6 billion in the Northern Territory, creating a surge in economic growth and jobs in the Northern Territory, according to a new independent report.
Chief Executive of Master Builders Northern Territory Ben Carter said, “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.”
Billion Dollar Partnership, the report produced by ACIL Allen and commissioned by Master Builders NT shows that $6.23 billion will be invested in the Territory by the Australian and US military over the next five years resulting in 7,500 extra jobs and boosting economic growth in the NT by nearly five per cent.
Billion Dollar Partnership models the economic impact of 25 defence projects in the Territory with data provided by the Department of Defence as part of its continuing partnership with Master Builders NT.
“The report also confirms the capacity of the construction sector in the Top End to deliver these projects,” Mr Carter said.
The report highlights the progress that the Federal Government and the Department of Defence are making in response to the Defence Strategic Review (DSR).
“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,” Ben Carter said.
You can read the full report here.