The Northern Territory Government has made changes to the , which will make it easier for pastoralists to diversify their business.
Pastoralists will now be able to apply for a non-pastoral use permit (valid for 30 years), with an option to extend for a further 30 years.
This will replace the previous five-year permit which Primary Industry Minister, Willem Westra van Holthe, says will give businesses greater certainty.
"This will pave the way for pastoralists to diversify their business and plan for the long term," he said.
"A whole range of possibilities now exist, (including) 4WD tracks, camping sites, forestry, food crops, aquaculture farms and the list goes on.
"After the live export cattle ban, many pastoralists were struggling with decreased land values and cash flow. The ban effectively ended all revenue for pastoralists who were unable to diversify their businesses.
"These amendments will enable pastoralists to diversify their land, rather than relying exclusively on the cattle industry. All the eggs will no longer have to be kept in one basket.
"People in the real estate industry have advised me that, as this reduces risk and creates financial opportunity, pastoral lease values could increase by as much as 30 per cent.
"The 30-year permit will also make finance and investment more likely."