Territory Stories

Budget Paper No.6 1997/98 Northern Territory Economy



Budget Paper No.6 1997/98 Northern Territory Economy

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Tabled Paper 3223


Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT




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term with the forecast improvement in economic conditions in the worlds industrial nations. The commissioning of new projects and the expansion of some existing mines gives the Territory mining industry the capacity to meet some of this increased demand. For example, a major upgrade to increase the production of alumina is planned at Nabalcos alumina processing plant at Gove. Domestic policy decisions are also important. The Commonwealth Governments decision to abolish the three-mines uranium policy has led to the proposed development of Jabiluka, which is currently awaiting the outcome of the processes for environmental approvals and negotiations with traditional landowners. Strong global demand and reduced inventories have boosted world uranium prices, with the value of uranium production in the Territory expected to increase in the medium term. Recent discoveries of new oil and gas fields in the Timor Sea should boost Territory export income, with first oil production likely in late 1997 from Elang/Kakatua. The growth in Territory exports will be further underpinned by exports of live cattle and primary produce targeted at specific markets. Continued development of expertise and appropriate marketing will enhance the Territorys exports of services in the areas of education, tourism and shipping services. The Territory has seized the opportunity made possible by its strategic location and has established positive business relationships with a number of rapidly developing countries in the East Asian region, including China and Japan. Trade links between the Territory and countries in Asia have been consolidated by the signing of a number of Memoranda of Understanding (MOU) aimed at further developing mutual trading relationships. Exports to countries in Asia currently account for 63% of total Territory exports. Joint venture projects between businesses based in the Territory and Asian developers, either within the Territory or in neighbouring countries, are likely to increase. Spin-off activity in finance, transport, conference and business services can be expected. Impetus for further export growth will be provided by increased shipping services to and from Darwin, with the completion of the East Arm Port development. International Trade 20