Northern Territory Treasurer Grapples with Substantial Debt, Expresses Concern
Northern Territory Treasurer Bill Yan has expressed concern regarding the territory's substantial $11.7 billion debt, stating that it affects his ability to disengage at night. He acknowledged the difficulty in reducing the debt rapidly.
Since assuming the Treasury portfolio in 2024 when the Country Liberal Party (CLP) took office, Mr. Yan inherited significant debt from the previous Labor government. Treasury department projections indicate the NT's net debt will reach $12.7 billion in the next financial year, further increasing to $13.5 billion by 2028-29.
Fiscal Responsibility and Economic Growth
Mr. Yan reported that the government has recovered $480 million since taking office. However, he noted that the territory is incurring "millions of dollars a day in interest" to maintain operations.
The territory is incurring "millions of dollars a day in interest" to maintain operations.
He emphasized the government's focus on fiscal responsibility and the necessity of private sector collaboration to foster economic growth, which is expected to contribute to debt reduction.
Major Projects and Investment Strategy
To address the financial challenges, the NT government is planning a Northern Marine Complex at Darwin's East Arm to attract private investment. The project, announced by Chief Minister Lia Finocchiaro, will incorporate the $820 million ship lift project, which has experienced delays and cost overruns since its initial announcement in 2015.
Stuart Knowles, the Northern Territory Coordinator, utilized his powers to expedite the project. Mr. Yan stated that the total cost of the 246-hectare marine complex is not yet determined, highlighting private investment as crucial for its delivery.
Investment Landscape and Future Outlook
Recent Australian Bureau of Statistics (ABS) data shows a $459 million decrease in private investment in the Northern Territory between December 2024 and September 2025. Mr. Yan attributed this decline to the completion of construction at the Santos Barossa LNG project, anticipating future investment from projects like Beetaloo and Nolans Rare Earths.
He also expressed hope for a decision on the Darwin Port buyback from Chinese-owned Landbridge in the coming months, noting ongoing confidential negotiations with the Commonwealth.
Property Market Boom and Public Service Focus
Conversely, the territory's property market is experiencing growth, with new ABS data indicating a 5.4 percent increase in housing approvals since December 2025, the highest among Australian states and territories. This growth is linked to local grants, with approximately 400 grants approved, totaling around $180 million in housing market investment.
The public service remains the largest budgetary expenditure, accounting for 43 percent of all employment in the NT. While the CLP pledged not to cut public service jobs before winning government, Mr. Yan confirmed that his department is seeking efficiencies, particularly in "back of house" roles, to ensure positions provide value to the territory.