The Northern Territory Government has announced it is reducing regulatory red tape for large projects, today passing the Construction Industry Long Service Leave and Benefits Amendment Bill 2022.
It says the Bill will simplify the process for calculating the Long Service Leave Levy on large projects, by increasing the threshold from $1billion to $5billion to reduce the administrative burden and financial risks for NT Build.
This bill will increase transparency for the scheme and project proponents, while improving the financial certainty for large projects.
Minister for Industry, Nicole Manison says more projects will lead to population growth and more jobs for Territorians.
“This bill will facilitate economic growth by cutting red tape, creating a competitive investment environment in the Northern Territory,” she said.
“Our construction workers are crucial to our economy and valued by the Territory Labor government, these changes will not affect their deserved long service leave entitlements.
“Instead, this propels the Northern Territory closer to its goal of a $40 billion economy by 2030 by increasing financial certainty for large projects, meaning more jobs and more opportunities for hard working Territorians.”
Minister Manison said the changes will ensure the financial sustainability of the scheme in the long term.
It is part of a broader package of regulatory reforms impacting major project approvals, to make it easier to do business in the Territory, increasing investment and creating jobs, she said.
The Bill will also create a regulation-making power in the Act to enable the large project levy threshold to be varied by regulation in the future, for administrative ease.
