Budget Paper 1994-95 No.6 Northern Territory Economy
Tabled Paper 2156
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
Tabled by Barry Coulter
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.
Mining Figure 8.3 $ millic 80 70 60 50 40 30 20 10 0 1987/88 1988/89 1989/90 1990/91 1991/92 1992/93 Source: ABS Cat. No. 8412.0 Figure 8.3 shows expenditure on mineral exploration in the Territory. Growth o f 11.2% (to $48.8 million) was recorded in the nine months to September 1993 compared with the equivalent period for 1992. Gold exploration has been increasing gradually (up 22.3% in the nine months to September 1993) since 1990/91 when revised taxation arrangements came into effect for gold production precipitating a reduction in both production and exploration. Secondary processing o f bauxite to alumina accounts for a majority o f value adding in the Territorys mining sector. Processing for the first six months o f 1993 amounted to $146.2 million representing a decline o f 7% over the same period in 1992. Minerals Outlook The Australian Bureau o f Agriculture and Resource Economics (ABARE) forecast a pick-up in commodity prices in the latter half 1994/95 coinciding with a return to growth in key international economies. Stronger international demand for the mineral exports o f the Territory combined with corporate balance sheets showing very stable debt to equity ratios, indicate the minerals industry is poised for healthy medium term growth. Uncertainty over Native Title legislation and the modest pace o f reform in the transport sectors are drawbacks to an 4 5
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