Territory Stories

Budget Paper No5 Northern Territory Economy 1998/99



Budget Paper No5 Northern Territory Economy 1998/99

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Tabled Paper 382


Tabled papers for 8th Assembly 1997 - 2001; Tabled papers; ParliamentNT




Tabled by Michael Reed


Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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growth are very difficult to determine but are expected to be significant. Ignoring the positive direct and indirect impact of the railway, the Territory economy is expected to continue to experience very strong growth over the next 3 to 4 years. The prime influence will be the commencement of production of oil and gas from new fields in the Timor Sea. Also the concluding stages of the APIN program together with the associated industrial development will provide added economic stimulus. Economic growth is expected to average 9.2% per annum over the period 1999-00 to 2001-02. This reflects a massive increase in Territory oil exports from $100 million in 1998-99 to $1 100 million in 1999-00 with the commencement of production from the Laminaria/Corallina field in the Timor Sea. This rate of growth is considerably higher than the average growth rate of 5.1% for the past ten years and an Access Economics forecast rate of growth of 4.5% per annum for the years 1998-99 to 2001-02. Over this period Access forecast that the national economy will grow by 2.9% per annum. The next fastest growing economies are expected to be the other Sunbelt States of Western Australia and Queensland, both with 3.6%. 12 Northern Territory Economy 0 1 2 3 4 5 Tas SA Vic NSW ACT Qld WA NT Aust % Figure 2.5 FORECAST GROWTH (Annual average 1998-99 to 2001-02) Source: Access Economics

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