The Finocchiaro CLP Government has formally referred the Darwin Ship Lift project to the Public Accounts Committee (PAC) for investigation, citing escalating costs and delays.
Treasurer Bill Yan announced the referral, stating it was time for Territorians to get answers after years of Labor mismanagement.
"The Darwin Ship Lift, originally scheduled for completion by the end of 2024, was meant to be a nation-building project that would anchor our defence, maritime, and manufacturing industries," said Mr Yan.
"Instead, Labor turned it into a fiscal disaster."
Originally announced by the former CLP Government as a $100 million project, the cost blew out to $400 million under Labor in 2019, and again to $515 million in 2022. The project is now facing significant additional forecasted costs in the order of hundreds of millions of dollars.
Yet despite the spiralling price tag, Labor pushed the Territory past the contractual point of no return in February 2024.
The project is backed by a $300 million concessional loan from the Northern Australia Infrastructure Facility which the Northern Territory must pay back in addition to our direct contributions.
"Territorians deserve transparency, they deserve to know why Labor allowed this project to run off the rails," Treasurer Yan said.
"The referral is necessary given the Territory's rising debt trajectory with net debt forecast to reach $12.3 billion by 2027-28, this is exactly the kind of project that deserves additional scrutiny
"The Finocchiaro CLP Government is committed growing our defence and maritime industries and this project has significant benefits to the local economy.
"We want to be open and transparent with Territorians on the costs of the project and ensure steps are taken to minimise further delays and cost blow outs," he said.
The PAC is expected to conduct public hearings and table its findings by September 2025.
