$1 Billion Boost for Territory Economy

1 Billion Boost for Territory Economy

Support from the Territory Government and the Federal Government will deliver an economic boost of more than $1 billion to the NT over the next six months to help locals get through the coronavirus crisis.

NT Government analysis conservatively estimates that the Federal Government’s JobKeeper Payment will:

  • Support the jobs and wages of about 45,000 Territory workers; and
  • Help 6,800 Territory businesses pay wages and keep workers.

This is expected to deliver about $870 million to the pockets of Territory workers over the next six months – more than $33 million a week.

The Territory Government acted fast to support small businesses and save local jobs with the Small Business Survival Fund and the Jobs Rescue and Recovery Package. The Small Business Survival Fund will start delivering payments to local businesses by the end of this week.

The Territory Government is investing nearly $120 million to directly support local businesses and save jobs.

In total, this is a $1 billion economic boost to keep Territory businesses running and to keep Territorians in jobs.

We’ve also set up the Territory Jobs Hub platform to quickly and easily connect Territorians with local businesses looking for workers. 

$50 million Small Business Survival Fund

  • More than 260 local small businesses have applied for support from the Small Business Survival Fund so far.
  • There are two payments available: the Immediate Survival Payment and the Rapid Adaption Payment.
  • The Fund will help small businesses survive the coronavirus, keep workers employed, and prepare to rebound strongly when the crisis is over. 

$65 million Jobs Rescue and Recovery Package

  • Nearly 1000 tradies and small businesses have registered to take part in the Home Improvement Scheme, Business Improvement Grants and the Immediate Works Grants.
  • Applications for grants for the Home Improvement Scheme open Monday, 6 April.
  • Applications for the Business Improvement Grants open Monday, 13 April.

Territory Jobs Hub

  • More than 1200 Territorians have signed up to the Jobs Hub.
  • Almost 50 business and organisations have also registered, advertising more than 200 jobs.
  • In just one week, the Territory Jobs Hub has connected more than 120 Territorians with new jobs.

Quotes attributable to Chief Minister Michael Gunner:

“A lot of businesses are hurting, a lot of locals are doing it hard, but we’re starting to see a bit of hope too.

“The Centrelink queues broke my heart. Working together with the Feds, we are making sure as many Territorians as possible can stay out of that queue and stay in their job.

“I will do whatever it takes it save local jobs. I’m throwing the kitchen sink at this.

“It’s hard now, but the hard times won’t last forever. And when all of this is over, the Territory is going to come back strong.”

Quotes attributable to Dick Guit, Chair of the Business Advisory Group:

“We’ve been working hard to get the Small Business Survival Fund up and running so it’s helping locals as quickly as possible.

“Small businesses will start to receive immediate survival payments by the end of this week. That gives them support to cover some costs and keep their employees in work, which is the most important thing for us.

“This is a time for all Territorians to come together. We’re in the fight of our lives, but if we work together we can get through it.”