In a historicday for the Northern Territory, the Reserve Bank of Australia (RBA) metyesterday in Darwin for the first time in 51 years.
Reserve BankGovernor Philip Lowe had a clear message for the Federal Government, that tocreate jobs and keep growing the economy, they must invest in keyinfrastructure.
The Ship Liftfacility has the potential to create hundreds of jobs in construction andcreate jobs for years to come in the defence, oil & gas and marineindustries.
The TerritoryLabor Government is investing $100 million towards the Ship Lift because weknow that increasing infrastructure investment creates strong economic growthand supports more local jobs - especially more permanent jobs.
TheMorrison Government must do the right thing and match Federal Labors$300million commitment to this game changing and job-creatingproject. Territorians voted for the Ship Lift and Territory businessesoverwhelmingly support it.
Mr Lowesaid in Darwin last night:
One option (other than monetary policy) is fiscal support,including through spending on infrastructure. This spending adds to demand inthe economy and provided the right projects are selected it also adds tothe country's productive capacity. It is appropriate to be thinking aboutfurther investments in this area, especially with interest rates at a recordlow, the economy having spare capacity and some of our existing infrastructurestruggling to cope with ongoing population growth. Source: rba.gov.au/speeches
Quotesfrom the Chief Minister, Michael Gunner:
We areinvesting in the ship lift because its good for the Territory. Canberra mustinvest in the ship lift because its good for the nation.
The ReserveBank has made it clear that now is the time to invest in this kind ofnationally significant infrastructure.
The Morrison Government should do the rightthing and match Labors $300million commitment to this game changing andjob-creating project.
