Business news from across the Northern Territory: Latest highlights include the NT now ranked third for doing business according to a Business Council Australia report; Seafarms to advance large-scale prawn farming after acquiring Project Sea Dragon; and the Federal government’s $1 million grant program to boost tourism in Central Australia. Also making resource news is the NT Government accusing Beetaloo Basin gas project critics of hypocrisy.

Economy

NT ranked third for business, according to a Business Council Australia report

The NT has been ranked as the third-best place in Australia to do business, according to the Business Council of Australia’s Regulation report. The BCA report reflects favourable regulations, including no restrictions on retail trading hours, top performance in licensing for new businesses, and a high payroll tax threshold. However, the report also identifies three areas for improvement: the cost of workers’ compensation insurance, planning efficiency, and dwelling approvals per capita.

BCA Chief Executive Bran Black stated that the Territory’s regulations and low tax rates demonstrate how reducing administrative burdens can benefit businesses. “By maintaining the best payroll tax threshold and avoiding land taxes altogether, the Territory is open for business… with better housing approval processes, the NT could rival any other jurisdiction for ease of doing business,” he said.

Companies

Seafarms to advance large-scale prawn farming after acquiring Project Sea Dragon

Seafarms Group has acquired the assets of its former subsidiary, Project Sea Dragon Pty Ltd, which is now in liquidation, thereby gaining direct control over the project’s development and resolving past issues. The acquisition, priced at $750,000, supports Seafarms’ large-scale prawn farming efforts in the Northern Territory and Western Australia through a new subsidiary, Sea Dragon Shrimp. Plans include establishing prawn-farming ponds at Legune Station, a processing facility in Kununurra, and expanded breeding facilities in Exmouth, targeting 10,000 hectares for black tiger prawn production.

Tourism

Federal Government’s $1 million grant program to boost tourism in Central Australia

The Federal Government’s Revival and Resilience grant program is providing $1 million to help small tourism businesses in the Alice Springs and MacDonnell regions of Central Australia. This initiative is part of a larger $8.5 million support package designed to revitalise the local economy, which has been facing challenges due to a decrease in visitors. The grants will be available to businesses with fewer than 19 employees and an annual turnover of less than $5 million that are experiencing financial difficulties. Additionally, two new grant programs will be introduced to create new experiences and promote the region, aiming to attract more visitors.

Resources

NT Government accuses Beetaloo Basin gas project critics of hypocrisy

The NT government has accused critics of the Beetaloo Basin of hypocrisy, claiming they are influenced by eastern states that profit from fossil fuels while limiting opportunities in the Territory. Beetaloo aims to start gas production by mid-2027 to address dwindling energy supplies.

Treasurer Bill Yan said the project will improve potential economic benefits for local Aboriginal communities, while detractors voice concerns over environmental impacts and Indigenous rights. Despite challenges with infrastructure and contracts, advocates believe the Beetaloo Basin could enhance Australia’s energy security. However, analysts warn that the economic situation remains challenging and that costly investments in infrastructure and long-term contracts are necessary before the Beetaloo can fulfil its potential.