The Northern Territory news Wed 28 Apr 2021
The Northern Territory news; NewspaperNT
Community newspapers -- Northern Territory -- Darwin.; Australian newspapers -- Northern Territory -- Darwin.
News Corp Australia
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News Corp Australia
16 BUSINESS WEDNESDAY APRIL 28 2021 NTNE01Z01MA - V1 Cool head needed for challenges of budget THE Territory building and construction industrys wishlist from Chief Minister Michael Gunner next Tuesday when he delivers his first full 12-month budget is a simple one. They want solid economic growth numbers the industrys peak body representing the industry, Master Builders NT says. They would like to see an uplift in private investment, population, exports, and demand for their products and services, NT chief executive officer David Malone told the NT News. Those in building and construction will also make a judgment based on the shape of the 21-22 Infrastructure Budget. They suspect that a return of private investment is still some way off. The average voter will want this budget to deliver good job opportunities and plenty of pressure to keep the cost of living down. Mr Malone said much will depend on the Territorys share of GST or the size of the national GST pool. It is easy to see why you really wouldnt want to be a Treasurer today, Mr Malone said. Expectations are sky high and the crystal ball is very foggy indeed. It is not a spot for the faint hearted. Most state, territory or federal treasurers only managed to deliver their 2020 budget late last year and now they need to bring their 2021 version down in the coming weeks. Here in the Territory it was only in November last year. Mr Malone said while a lot has changed between the Chief Ministers first and second budgets a lot has not as well. COVID is still shaping countries, regions and towns, while here in the Territory we are well into the post pandemic economic rebuild phase that is still built on creaky foundations, Mr Malone said. Lockdowns have still been part of the Australian experience for example and key industries still must rebuild from extended closures. We are a lot more fortunate than most of course. Mr Malone said this will give the Chief Minister a bit more freedom in which to construct his budget. Current economic activity is reasonably solid and most complaints today focus around a shortage of workers, Mr Malone said. The Chief Minister also has the TERC Report in his back pocket which provides a road map very few jurisdictions have available to them. And his agencies have completed their implementation plans so the detail behind the strategy has all come together. Mr Malone said jumping back to November and some of the big numbers in his first budget speaks to the size of the challenge ahead. Specifically he pointed to the forecast budget deficit for 20/21 of $2.45bn and nett debt of $8.4bn. Employment was forecast to reduce by 0.7 per cent, unemployment to rise to 6.3 per cent, and private investment to decline by 13.5 per cent. The challenges ahead are big and it will take cool heads to navigate our way through all of this, he said. The first of those challenges is the fact that the book on pandemic economics is being written right now. Its unfolding right before our eyes. So budgets will have to be constructed around good calls as much as traditional economic policy prescriptions. Next is the big question of how much of the current good economic results reflect the benefits of government stimulus and just how much is from a healthy underlying economy. The answer to that one will drive how much government still must spend to support activity or can it start to ween the economy of that support. And maybe the biggest challenge for all Treasurers is what seems to be a major move in public sentiment. They have seen governments spend big by borrowing huge amounts of money. The world didnt end when they did and many voters now believe that this money never needs to be paid back. The question for all Treasurers is have we lost our commitment to financial prudence? I am fairly certain that the average business owner or manager knows those challenges but they will be a lot more pragmatic about what they want from next weeks budget. Chief Minister Michael Gunner has a lot on his plate with the budget. Picture: Che Chorley GARY SHIPWAY EMG NT plans to sell its 17.5 per cent interest in five Beetaloo Basin tenements to an Empire Energy Group (EEG) subsidiary. EMG Northern Territory is a member of The Energy & Minerals Group of Texas, USA. It has informed the tenements majority interest owner, Pangaea NT, that it would exercise its rights to sell its 17.5 per cent interest to Empire Energys wholly owned subsidiary, Imperial Oil & Gas. When the acquisition is finalised Empire will become the 100 per cent owner of all its Beetaloo and McArthur Basin assets. Shareholders will be asked to approve the following terms: n EMG will be paid $1.061 million cash n approximately 29.7 million Empire shares n and approximately 1.7 million options to acquire ordinary Empire shares at $0.70 per share. Last week Empire increased its Beetaloo Basin footprint signing a binding Sale and Purchase Agreement with Pangaea (NT) Pty Ltd to acquire its Beetaloo Sub-basin portfolio. The deal sees Empires Beetaloo Basin acreage position grow to roughly 26 million acres and give it numerous drill-ready targets and boost its early commercialisation plans for the Beetaloo. Other tenements fully owned by Empire include EP180, EP181, EP182, EP183, EP184. Of strategic significance is that Pangaeas tenements overlap the Amadeus Gas Pipeline, which provides Empire with multiple pathways to market using existing infrastructure. Empire closes in on deal in Beetaloo GARY SHIPWAY INDUSTRY TO BE BRIEFED ON LOCAL JOBS PROGRAM BY CHAMBER OF COMMERCE A LOCAL Jobs Program industry briefing, hosted by the Chamber of Commerce NT, will be held Friday May 7 from noon to 2pm at the Double Tree by Hilton Hotel Esplanade. The briefing will look at 2020, COVID-19 and the unprecedented impact on the Australian labour market. The Chamber says along with the longerterm economic trends that are changing skill requirements in many jobs and occupations, there is urgency in assisting job seekers to navigate this change. The event aims to bring the industry together for two hours of networking, while having the opportunity to learn more about the Local Jobs Program. The Local Jobs Program runs in 25 regions throughout Australia including Darwin and Alice Springs until June 30 next year. It brings together expertise, resources, and access to funding at the local level with a focus on reskilling, upskilling, and employment pathways for people in each region. The program is free to attend. The Local Jobs Program is a federal govern ment initiative. The program is part of supporting Austra lias economic recovery from the COVID-19 pandemic. It supports tailored approaches recognising that regions have been impacted by COVID-19 in varying ways, For more information please contact our Local Jobs Program team on firstname.lastname@example.org. GARY SHIPWAY CUSTOMER APOLOGY In the current Cellar Press, week commencing 28th April 2021, we have advertised Mr Riggs Tempranillo 750mL, Mr Mick Tempranillo 750mL, Spinifex Papillon 750mL and Ten Minutes By Tractor 10X Pinot Noir 750mL. We regret to advise this product is unavailable. We apologise for any inconvenience caused. 628795_NT VINTAGE CELLARS" AUSTRALIA'S FINE WINE SPECIALIST SINCE 1951
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