How to borrow from the ACT to buy property from the Northern Territory?
It’s one of the biggest issues to emerge from the Territory’s construction boom in recent years.
The Northern Territory has had the highest amount of construction work ever recorded, according to the Australian Building and Construction Commission.
But the ACT is no stranger to the process of building homes.
The NT’s housing industry is booming The Northern Territories has seen a rapid growth in construction in recent times.
A recent survey by Australian Property Survey found construction work increased by 17 per cent between the first quarter of 2016 and the second quarter of 2019, and there has been an average increase of 25 per cent each quarter since 2014.
There are several reasons for this, according the ACT’s Construction Industry Council (CIC).
It has the most land and the most jobs.
Construction can create jobs for people who are employed in the construction industry, such as labourers, and people who don’t work in the industry but still need a place to live.
But it also has an indirect effect on the economy because it creates more debt for the NT.
In the first five years of construction, NT construction debt rose by nearly $1 billion, according a report by the ACT Government.
That debt has now surpassed the total debt held by the Northern Territories, with about $2 billion of that debt owed to the NT Government.
A large proportion of this debt is currently owed to Commonwealth funds.
“The NT Government is a major investor in the ACT and the Northern Territorians have significant debts to the Commonwealth as a result of the construction boom,” says CIC CEO Paul Wilson.
“They have a huge number of people who depend on their work in a building industry to keep them in work and pay their mortgages.”