05 May 2019
Minister for Trade, Business and Innovation
Attracting private sector investment to the Territory will be made easier with the introduction of a dedicated team to collaborate with significant project proponents.
Budget 2019 is providing $1.566m over two years for a team of Significant Project Champions to help investors navigate the regulatory and operational environments to expedite their projects.
The team will facilitate investments which are less than $100 million and are deemed significant. This will fill a gap for support to projects not large enough to receive Major Project Status, but larger than those supported by the Small Business Champions.
By providing the resources to support business, private sector investment can be further leveraged to accelerate and diversify the Territory’s economy and create more jobs.
The new team will be supported by a renewed focus on securing timely delivery of private sector investment across the Territory including major projects and the expansion of existing businesses large and small.
Major Projects to the value of $55 billion are currently being facilitated, involving more than 10,000 jobs during construction and 3,000 when operational.
Establishing the Significant Project Champions team is consistent with The Plan for Budget Repair recommendations, including that an Office of Investment Attraction be established within the Department of Trade, Business and Innovation.
The Office will support a more coordinated approach to attracting, securing and delivering private investment to the Territory. The specific structure of the Office is being designed to ensure investment attraction activities deliver maximum value for the Territory.
The Champions will help facilitate the delivery of significant projects, including helping proponents with relevant legislation, authorisations, licences and permits.
The Significant Project Champions will operate within the Department of Trade, Business and Innovation. The creation of the positions will not increase the agency’s staffing cap.
Quotes from the Minister for Trade, Business and Innovation, Michael Gunner
“We are open for business and we want to make it as easy as possible to invest in the Territory.
“We need to ensure the process for investors is streamlined, efficient and presents the Territory in a consistent and professional manner.
“Our Significant Project Champions are designed to make the investment journey easier.
“From outlining opportunities, to assisting with approvals and applications, to final investment decisions, to making projects a reality, they will help drive economic growth and create jobs.
“There are incredible proposals on the horizon and our Significant Project Champions will be key to securing these investments.”
Media contact: Cameron Angus 0404 021 192.