Northern Australia Needs to Become a Special Economic Zone: Report

When asked if they would be in favour or opposed to introducing a Special Economic Zone with lower taxes to stimulate economic growth in the region, 42 percent agreed, 15 percent opposed, and 43 percent were unsure.
“The IPA has long championed the implementation of a SEZ in Northern Australia. The fact that almost three times as many Australians back an SEZ for the region than oppose it shows the potential to galvanise support and investment from across the nation to build its future,” Wild said.
“Importantly, the research shows younger Australians—those aged 18 to 34—were most favourable to the establishment of a SEZ in Northern Australia, which means the region should focus on growing support for the long term,” he noted.
Even stronger support was shown for the idea that “Australia’s political leaders must be more ambitious for the future of Northern Australia,” with 55 percent supporting it, 10 percent disagreeing, and 35 percent unsure.
Establishing a Special Economic Zone in Northern Australia will enable policy settings that address worker shortages, reduce tax and red tape burdens on northern Queensland industries, and encourage Australians to stay and invest in the region,” Wild said.
“A relaxed regulatory environment within a Northern Australia SEZ would reduce red tape on the planning and construction of critical infrastructure, such as houses, roads, schools, and hospitals, making communities viable for the long-term.”
An increase in the region’s population was seen as a positive by 60 percent of respondents and a negative by 12 percent, with 28 percent unsure.
“An SEZ that unleashes the economic potential of Northern Australia would go beyond tax policy but would also incorporate separate regulation policies and frameworks,” Wild said.
“Northern Australia—the region encompassing northern Western Australia, the Northern Territory, and northern Queensland—is key in fuelling and sustaining the nation’s economic prosperity through its strong resources and agricultural industries.”