Business bulletin: 10 March 2022

Territory small businesses that have experienced a downturn as a result of the COVID-19 Omicron strain, can now access additional support under the Business Hardship Payments.

Eligible employing businesses with a decline in turnover of 60% or more, may be able to access a payment of $9,000, while eligible sole traders can access a payment of $3,000.

For eligible employing businesses with a 40% to 60% decline in turnover, a payment of $6,000 is now accessible, while eligible sole traders can access a payment of $2,000.

In addition to the payments, eligible businesses can apply for a waiver on payroll tax, as well as a 30% reduction on utility bills from January to March 2022.

Businesses that have already applied and were deemed eligible, do not have to register again, they will automatically receive the additional payments.

Applications for the hardship register have been extended to 21 March 2022.

For more information, go to the Northern Territory Government website.

The co-contribution for the Business Growth and Business Pivot Programs has been reduced to make each program more accessible for Territory businesses.

The co-contribution for both programs has changed to 25%/75%. This means businesses only have to contribute 25% of cost of works while the voucher covers 75% of the total, up to a maximum of $10,000. Reducing the level of grant co-contribution will ease the financial pressures of businesses affected by the COVID-19 Omicron wave and support more businesses.

Reducing the level of grant co-contribution will ease financial pressures of businesses impacted by the COVID-19 Omicron strain to help improve their performance, sustainability and profitability.

Business Growth is designed to help Territory businesses grow, develop and expand. It’s available to businesses looking for professional advice, systems and services to improve their performance, sustainability and profitability.

For more information on the Business Growth Program, go to the Northern Territory Government website.

Business Pivot is designed to help small businesses adapt to the changing economic environment. Businesses can access funding to reach new markets or grow their profitability through digital capabilities and new technologies.

Read more about the Business Pivot Grant Program on the Northern Territory Government website.

Businesses are invited to design and deliver the Territory’s first co-located Digital Games and eSports Development Centre.

This unique opportunity for business is the first of 2 challenges under the Territory Innovation Challenge Program in 2022. The program aims to position the Territory for future investment, leading to jobs and economic growth.

The first challenge is to design and deliver a permanent space in Darwin that provides Territory youth with a space to build digital skills, develop and commercialise digital products and establish start-ups.

The winning consortium will have the chance to negotiate a contract with the Northern Territory Government to build the centre and deliver an international esports competition hosted in Darwin.

For more information about the Territory Innovation Challenge and to apply, go to the Innovation website.

Applications close on 21 March 2022.

Core Lithium has entered into a binding term sheet with Tesla for the supply of lithium from the Territory’s Finniss Lithium Project.

The term sheet agreement means Core Lithium will supply up to 110,000 tonnes of Li20 spodumene concentrate from the Finniss Lithium Project over 4 years.

Construction of the project is underway, with the first lithium concentrate production scheduled for Q4 2022.

Core Lithium Managing Director Stephen Biggins said, “Core’s supply to Tesla is scheduled to commence in the second half of 2023.”

“Core Lithium is thrilled to have reached this agreement with Tesla and looks forward to further growing this relationship in the years to come. Tesla is a world leader in electric vehicles and its investment in offtake and interest in our expansion plans for downstream processing are very encouraging.”

The project estimates approximately one million tonnes of lithium-baring ore per year, over the predicted life of the mine. Located south of Darwin, this project is expected to create around 250 local jobs.

The development of the Finniss Lithium Project has the potential to position the Territory as a strategically important jurisdiction for the production, processing and manufacturing of critical minerals to the global market.

DefenceNT, the Northern Territory Government’s office for growing and promoting defence industry, will be commencing their Defence Industry Roadshow series in Katherine on 30 March 2022.

The Defence Industry Roadshow will provide Katherine businesses with an updated understanding of who’s who in the defence industry landscape. Presentations from Defence and prime contractors will enable businesses to be better informed and become engaged in future programs and opportunities across the Territory.

The recently established Office of Defence Industry Support (ODIS) will provide insight into their defence business advisory service and how this will build the capability of defence industry. The Darwin Joint Cyber Security Centre Outreach Service will also provide a briefing on cyber security threats and protections to protect your business to enhance defence readiness.

Businesses working in Defence or interested in Defence opportunities are encouraged to attend this event.

For more information and to register your attendance, go to the Eventbrite website.

The Territory Government is undertaking a review of the NT code of practice for responsible gambling to strengthen regulations and minimise the harms associated with gambling in the Territory.

The code applies to all forms of gambling that are not online and will strengthen the Territory’s gambling regulatory framework and improve industry standards in the Territory.

A study conducted by the Centre for Gambling Research at the Australian National University (ANU) found the Northern Territory has one of the more comprehensive code of practices for responsible gambling in Australia.

The study also found a significant level of venue non-compliance and outlined a number of recommendations, including that a greater focus be given to enforce, update and amend the code.

The findings from the ANU study provide an opportunity to review the effectiveness of the code and, for government to work with industry and business to strengthen our regulatory framework and practices.

Territorians, business and industry are invited to provide feedback on the NT code of practice for responsible gambling by email to directorgamblingracing.ditt@nt.gov.au.

Submissions for feedback close on 4 April 2022.

A record $3 million in collaborative grants for exploration drilling and geophysics in the Northern Territory is available under the Territory Government’s Geophysics and Drilling Collaborations program.

Part of the Resourcing the Territory initiative, the program aims to address geoscientific knowledge gaps, advance exploration activity, and support the discovery and development of resources in the Territory.

Round 15 sees a substantial increase in the total pool of funding and the maximum funding available per project, and a broader scope of eligible exploration activities.

The program provides co-funding assistance of 50% of the program cost, up to $200,000 for selected greenfields diamond drilling programs and up to $150,000 for selected brownfields diamond drilling. The program also co-funds geophysical surveys, with up to $150,000 available for seismic surveys and $100,000 for other techniques.

The increase in funding and the expansion of the grants program into brownfields areas are direct responses to recommendations from the Territory Economic Reconstruction Commission.

Information gained from collaborative projects are released to the public 6 months after the completion of field work to enhance publicly available knowledge on the Territory’s geology and resources, and encourage further exploration.

Round 14 (in 2021-22) awarded $1.7 million in funding to 18 projects from 15 companies.

For more information and to apply, go to Grants NT.

Applications close on 29 April 2022.