Complacement Parliament exposes small builders and tax payers to new risks

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The decision by the House of Representatives to abolish the IR regulator in the construction industry, the Australian Building and Construction Commission, is a complacent decision by this minority parliament.

A sign that the House of Representatives has not yet come to grips with being a house of review over contentious IR legislation where detail and history matter, according to a statement by Peter Anderson, Chief Executive of the Australian Chamber of Commerce and Industry.

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Territory economy surges into second place
Tuesday, 24 January 2012 09:32
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A report released by Deloitte Access Economics has upgraded its forecast for the Northern Territory Economy, predicting it will be the second fastest growing in Australia over the next five years, with growth of 4.2% behind only Queensland.

NT Treasurer, Delia Lawrie, said the report confirmed the strong fundamentals of the Territory Economy, forecasting strong economic, population and job growth even without factoring in the INPEX final investment decision.

"This report is a strong result for the Territory, putting us at the front of the pack despite being compiled before the INPEX Final Investment Decision was handed down," Ms Lawrie said.

"Since the last quarter, the Territory has leapfrogged WA to have our economy forecast as the second fastest growing in Australia over the next 5 years at an average of 4.2%, behind only Queensland.

"The report also predicts the Territory to boast the second best jobs growth and third best population growth, well above the national average, and have the lowest inflation levels in the nation.

"The report further vindicates the Territory Government's decision over the last two budgets to go into deficit to boost public infrastructure spending to support jobs.

"Since the Global Financial Crisis began, the Territory government invested $4.1b in public spending to ensure the Territory has the workforce and infrastructure necessary to take advantage of the huge opportunities on the horizon.

"Public projects including Power and Water Corporation's ongoing capital works program, the $495m prison, the Marine Supply Base and the Berrimah Business Park have kept Territorians working between major projects.

"Now private investment is set to surge back, with the $34b INPEX project joining the $750m Montaro oil field expansion, $60m expansion of Darwin Airport, commencement of production from the $1.1b Kitan oil field, and multiple Defence redevelopments in a burgeoning investment pipeline.

"More investment, more jobs, more people and lower inflation - it is a recipe for a bright future for the Territory."