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In response to our recent paper on the Coalition’s Northern Vision.

August 16th 2013 | UPA, Urban Property Australia

Prime Minister Kevin Rudd has announced if re-elected Labor government would set up a special economic zone in the Northern Territory where business could pay less tax.

Under Rudd’s plan, which is subject to talks with the Northern Territory government and business chiefs, NT-based companies would enjoy a lower corporate tax rate, simplified investment rules and streamlined regulation.

Under Labor’s plan the special zone would begin from 2014 and be fully operational by 2018, when the new tax rate would kick in.

The plan would also expand the Ord River Irrigation Scheme to open up 14,000 hectares of land for agriculture.

The major project would drive $150 million worth of agricultural production in the region.

A third part of the plan would involve 20-year “growth plans” for Darwin, Cairns, Townsville and Mackay to boost trade and investment.

Urban Property Australia welcomes political debate on the Northern Australia region.

Urban Property Australia believes the creation of the economic zone would attract Australian and foreign investment to the Northern Australian region.

Urban Property Australia argues that the growing wealth of middle class Asia and Northern Australia’s proximity to the region is too significant to ignore.