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Northern Territory to increase housing spend

Treasurer David Tollner has increased the spend in the NT housing sector.

The government in the Northern Territory has announced that it will be increasing its spend on housing.

In the Budget, Treasurer David Tollner outlined a number of austerity measures but said that initiatives will be increased on housing within the area.

An increase of about $12 million will be added to the spend on housing.

There will be $25,000 grants made available for first-time homebuyers to get a home or land on which they can build a property. This will only be available in the more remote parts of the area. In Palmerston, Darwin and the city's fringe, first homebuyers will be able to get grants of $12,000.

This is in spite of the fact that the government is making cuts to other areas such as education.

Meanwhile, the Northern Territory's economy is expected to grow to a peak rate of seven per cent this year. This rate will be aided by predicted increases in the construction sector, including residential building.

Posted by Steve Douglas

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