In a historic day for the Northern Territory, the Reserve Bank of Australia (RBA) met yesterday in Darwin for the first time in 51 years.

Reserve Bank Governor Philip Lowe had a clear message for the Federal Government, that to create jobs and keep growing the economy, they must invest in key infrastructure.

The Ship Lift facility has the potential to create hundreds of jobs in construction and create jobs for years to come in the defence, oil & gas and marine industries.

The Territory Labor Government is investing $100 million towards the Ship Lift because we know that increasing infrastructure investment creates strong economic growth and supports more local jobs - especially more permanent jobs. 

The Morrison Government must do the right thing and match Federal Labor’s $300million commitment to this game changing and job-creating project. Territorians voted for the Ship Lift and Territory businesses overwhelmingly support it.

Mr Lowe said in Darwin last night:

“One option (other than monetary policy) is fiscal support, including through spending on infrastructure. This spending adds to demand in the economy and – provided the right projects are selected – it also adds to the country's productive capacity. It is appropriate to be thinking about further investments in this area, especially with interest rates at a record low, the economy having spare capacity and some of our existing infrastructure struggling to cope with ongoing population growth.” Source: rba.gov.au/speeches

Quotes from the Chief Minister, Michael Gunner:

“We are investing in the ship lift because it’s good for the Territory. Canberra must invest in the ship lift because it’s good for the nation.

“The Reserve Bank has made it clear that now is the time to invest in this kind of nationally significant infrastructure.

“The Morrison Government should do the right thing and match Labor’s $300million commitment to this game changing and job-creating project.

MEDIA CONTACT: Cameron Angus 0404 021 192