The NT Infrastructure Development Fund (NTIDF) will wind up and the Territory Labor Government will establish a new Local Jobs Fund to create more local jobs immediately.
Half of the remaining funds ($92.5million) will be invested in new job-creating, stimulus projects in the Northern Territory, including:
capital grants for economic transformation projects
concessional loans to deliver short-term finance to small and emerging businesses with significant long-term potential, and
$1 million will be invested in the Digital Partnership grants program to support local technology-focussed innovations with growth potential, to create jobs and diversify the economy.
The remaining $92.5 million of the NTIDF will pay down debt.
Although every effort was made by the board of NTIDF, it became clear that this is not the right time for a fund of this type if we want the investment to hit the ground now.
The new fund will create local jobs and give our economy the confidence boost it needs.
The NTIDF Board has agreed to dissolve the NTIDF in an orderly manner and will work with the investment manager, ICG and NTG to ensure its smooth closure.
QUOTES to attribute to Treasurer Nicole Manison
The Territory Labor Governments number one priority is to create local jobs.
The new fund will invest in projects that create local jobs quickly.
We know that many Territory families and businesses continue to do it tough and the best way we can help is to get projects out of the ground, drive innovation and support local businesses to create jobs.