Business news from across the Northern Territory: Latest highlights include the NT Government setting up a new investment fund for businesses looking to invest in the NT, crime continuing to impede the NT’s property sector growth, ‘dark-sky’ experiences being pitched to shore up slumping tourism, and the Federal Government renews major project status for AAPowerLink.
Economy
Government sets up new Investment fund
Trade, Business and Asian Relations Minister Robyn Chill announced the Territory Growth Initiative (TGI) at the NT Government’s Investment Summit last week, which she says will encourage private investment and economic growth. The TGI includes three loan programs: the Collaborative Investment Program offering up to $10 million, the Territory Infrastructure Loan in partnership with the Northern Australia Infrastructure Facility, and the Paspalis Co-investment Fund providing up to $5 million for key NT-based sectors.
The initiative aims to enhance economic activity, strengthen supply chains, and support local workforce skills. The summit, attended by over 100 business leaders and investors, showcased the NT’s potential across various sectors, including tourism, agriculture, mining, and infrastructure. But the government refused to disclose the costs of the summit and the nature of discussions.
Real Estate
Crime continues to impede NT’s property sector growth: report
The Property Council of Australia NT’s March 2025 report shows a positive trend in the NT’s property sector, with residential building approvals up by 51.2 per cent and construction activity increasing by 5.1 per cent to $905 million. The rental market improved, with vacancy rates at 3.3 per cent in Darwin and 2.9 per cent in Alice Springs. Alice Springs saw a notable increase in house and unit sales, with prices rising from $440,000 to $504,000.
However, the report also highlighted ongoing challenges, including fragile tourism with only a one per cent increase in visitor numbers and continuing crime issues affecting property owners and businesses. “Over 70 per cent of property crime in the NT relates to theft and damage, and that erodes community confidence. Safer streets are part of the foundation for a stronger economy. That’s not enough to drive meaningful economic recovery across our regions,” Property Council NT executive director Ruth Palmer said.
Tourism
Dark-sky experience to shore up slumping tourism
Outback operators in Central Australia are leveraging the “dark-sky experience” trend to attract visitors back to remote areas, following a decline in visitor numbers for six consecutive years, affecting local tour operators. Dark-sky tourism is an emerging trend that allows travellers to experience nightscapes largely free from artificial light, showcasing a breathtaking view of stars and the Milky Way. With the vast, unpolluted night skies available in the Territory, Tourism Top End is collaborating with the pastoral industry to develop new tourist experiences and create additional business opportunities.
The total solar eclipse in 2028 is expected to provide prime viewing opportunities in the Territory, and there is a significant chance to draw in a wide range of visitors, including astronomers. The dark-sky experience offers visitors a chance to immerse themselves in nature and escape the hustle of urban life, allowing them to appreciate the beauty of the Australian outback truly.
Companies
Federal Government renews major project status for AAPowerLink
SunCable’s Australia-Asia Power Link (AAPowerLink) project has received renewed Major Project Status from the Federal Government, underscoring its potential significance to Australia’s economy. The initiative aims to create one of the world’s most extensive solar and battery energy storage facilities at Powell Creek in the NT, featuring the longest subsea transmission link globally to Singapore.
Initially intended to produce 20 GW of solar energy and 42 GWh of battery storage, the focus has shifted to generating approximately 6 GW to supply energy to around 4.2 million households. Managed by Mike Cannon-Brookes’ Grok Ventures, the project has encountered challenges, such as securing initial funding and executive changes. A final investment decision is expected in 2027, with construction anticipated to start shortly after.
20 GW of solar to charge 42 GWH of batteries would take four days to charge and only deliver 20 GW for 2 hours or just over 1Gw for the hours that solar doesn’t work.