The Finocchiaro CLP Government continues to deliver on its commitment to strengthen transparency and reduce red tape for Territorians, last night passing the Building Legislation Amendment (Fidelity Fund) Bill 2025.
The passage of the Bill means stronger oversight of the Fidelity Fund NT (the Fund), including clearer processes for trustee appointments, improved oversight of how the Fund is managed, and greater accountability across the board.
Minister for Lands, Planning and Environment Joshua Burgoyne said these reforms were about protecting homeowners and restoring confidence in the Territory's building industry.
"When Territorians set out to build their dream home, they're investing their savings, their families' future, and their trust in the system," said Mr Burgoyne.
"They deserve the peace of mind that even if a builder fails, their home will still be completed and defect-free."
Mr Burgoyne said the Bill responded directly to feedback from industry stakeholders who have called for improvements to the operation of the Fund, including greater clarity and efficiency.
"These practical and sensible reforms ensure proper oversight and help ensure the Fund continues operating fairly and efficiently, and in the way that Territorians expect," he said.
"Increased oversight helps to minimise risk to the housing industry and home builders. We're ensuring the Fidelity Fund NT is a trusted mechanism for protecting Territorians when they make that huge decision to build a home."
Mr Burgoyne said the Bill aligned with the CLP Government's Rebuilding the Economy Strategy here, by delivering regulatory reform to support sustainable growth and stronger industry confidence.
"The latest CommSec State of the States report shows the Territory is charging ahead, including outperforming the rest of the nation in dwelling starts - up 30%," he said.
"We want to continue building on that momentum by giving families and homeowners the certainty to plan their futures in the Territory with confidence."
"That's why we're delivering practical reforms that deliver real results and outcomes for Territorians - because we're making the NT the best place in the country to live, work and invest."
