Capital construction will likely become more expensive in the Northern Territory as the territory’s economy recovers, with the Capital region forecast to become the nation’s most expensive to build, according to new modelling.
It is expected the Northern Powerhouse will become the cheapest capital to build in 2019, compared with the ACT, with capital costs rising from $5.4 billion in 2019 to $6.2 billion by 2022.
The NT Government says the capital will continue to grow in importance and it is working with its federal partners to ensure more capital is used to build regional infrastructure.
“It’s important to note that it’s the NT Government that is leading the national infrastructure investment and the NT is the nation with the highest level of capital investment per capita in Australia,” NT Infrastructure Minister Peter Burt said.
Burt said there was more infrastructure planned to come on stream this year, and the Government was also working with the National Infrastructure Commission on new projects.
NT is planning to build 1,500 kilometres of roads, 400 kilometres of rail and more than 200 kilometres of tramways.
Its infrastructure plan is set to be unveiled later this year.
Northern Territory Infrastructure Minister Ian MacDonald says the Northern Australia Infrastructure Bank is looking at ways to raise funds to pay for capital projects.