Article by Camden Smith, courtesy of the NT News.
01.09.2025
The Commonwealth Government should declare the Northern Territory a special economic zone, a leading economist has told the Bush Summit.
Imants Kins, co-chair of Australians for Northern Development and Economic Vision, said 75 per cent of world nations have special economic zones and the Commonwealth should act immediately to approve one for the Northern Territory.
“Introduction of a special economic zone across all the Northern Territory is required to crystallise the many opportunities in the Northern Territory,” he said.
“There are many opportunities here but if you look at what’s happening in the rest of the world, 75 per cent of countries have special economic zones.
“We need a differentiated tax system, stream-lined regulatory system and a one-stop shop where investors can come.
“We have this problem about changing the tax system to generate growth in an area like the Northern Territory. We need the framework to allow the private sector to create the jobs and create the income.
“What happens is that there’s more taxation for government when we’ve generated more investment more growth and more jobs. Investment today is production, consumption and jobs tomorrow
“The northern territory has the potential to lead the rest of Australia in terms of developing special economic zones.”
He said Australian investment was down to 1991 levels.
“The capital base is small here. We have a net export of capital going overseas because we’ve become uncompetitive.”
NT Cattlemen’s Association chief executive Romy Carey reaffirmed the importance of sealing bush roads.
“We need the federal government to sit at the table with the NT Government and say what have we got to do to get these roads sealed. We have roads where freight won’t travel and that’s not good enough for people who live on remote communities.”
Minerals Council of Australia chief executive Tania Constable said business need to shift away from government dependence and do some of its own heavy-lifting around infrastructure.
“It’s a bit of a tussle at the moment,” Ms Constable said.
“Industry has to get away from the public purse doing all the heavy lifting and business. We want business to come back and take control of business opportunities.
“Public private partnering and business partnering is what we want to see.”
