In his first public speech since the change of government, Assistant Under-Treasurer Tim McManus said the NT budget is in structural debt and edging closer to its debt ceiling of $15 billion, a figure set by the former Labor government.
Released on Monday, the NT again finished last in the CommSec State of the States report, which Chief Minister Lia Finocchiaro pinned on "Labor's pet projects" before promising to "rein in spending."
"We know that in order to turn this debt crisis around, what we have to do is give our economy the green line," she said.
In parliament last week the government introduced legislation for a Territory Coordinator to accelerate developments and planning approvals.
Ms Finocchiaro said she had looked to interstate counterparts who have developed roles to fast-track development, however the laws also proposed giving the co-ordinator or the minister powers to overrule any laws in the NT that could hinder a project's progress.
"These powers will hopefully not be needed often, but it's very important that the territory coordinator has them to keep that pressure on timelines, approval, timelines and deliverables for key projects... to deliver better outcomes," she said.
Ms Finocchiaro's economic recovery plan also includes a Fast Track Task Force comprising of "entirely private sector" advisers.
But Environment groups have raised concerns over the unilateral powers, who believe it will be used to push through big industry projects without environmental approval.
In addition, Treasurer Bill Yan said the government would "tighten its belt" but when asked if it would privatise public assets or cut any projects he was unable to say where the money would be saved.
However the NT looks to have some growth across its GDP with Mr McManus saying it was tracking "higher than forecasted" at the end of this financial year.
The performance was attributed to higher private and public investment, including the Santos' Barrossa project which is expected to come online by September 2025, and stronger than expected cost of living relief.
"The stronger finish reflects a surge in private and public investment and a more resilient household sector, which has been supported by recent Commonwealth tax cuts and improving real wage outcomes," he said.
Mr McManus said wage growth was strengthened by a number of unionised workforces, including the recent teachers' agreement, which will make NT educators the nation's highest paid.
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