The main problem was the fact was that the Govt no longer owned the land. After Mabo it became owned by the natives. Therefore they had to rent the land off them to build houses for them. The houses were designed by aussie architects and cost a motza to build. Yes most of the money went on admin, mainly to consultants. A lot of money was spent on creating titles for the houses which were needed to establish the rental the govt needed to pay for all the houses they had already built. The NT govt wanted to sell the natives their own houses like we do in a capitalist system but the land councils resisted this. They are not stupid why buy the house when the govt will maintain it for you and charge bugger all rent.
STO Price at posting:
$6.99 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)