Budget Paper No.6 1997/98 Northern Territory Economy
Tabled Paper 3223
Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT
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.
Economic Outlook The Territory is presently experiencing a surge in construction which is expected to last until 1997-98 when growth will moderate as many projects will be completed. At this point larger undertakings such as the proposed liquefied natural gas (LNG) plant and Stage 2 of East Arm Port will commence and continue into the next century. The development of new oil fields in the Timor Sea and the construction of the Alice Springs to Darwin railway will make significant contributions to growth over this time. The level of public infrastructure has now reached comparable levels to other states. Combined with good employment opportunities, expansion of recreational activities and growing family networks, this will support continued population growth which will maintain a buoyant economy. The public sector will continue to decline in significance as the private sector increasingly fulfills the infrastructure needs of the Territory. The public sector focus is now on the creation of an appropriate environment for business expansion and the reorientation of the Territory to a more longer term sustainable existence. This will be achieved by the encouragement of service and value adding industries to complement the strong resource sector - particularly the development of Darwin as a transport hub based on the Adelaide to Darwin railway and East Arm Port. The Territory is strategically placed at the rim of the of the South East Asian growth region and has focussed much of its attention on developing these markets for its goods and services. The Territory can be expected to benefit significantly from the continued good fortunes in this region which provide solid support for a very positive medium term outlook. Live cattle exports will remain prosperous and innovative developments in other primary industries will see the Territory further develop valuable markets in Asia. Economic Growth 13
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