Territory Stories

Budget Paper No.6 1997/98 Northern Territory Economy

Details:

Title

Budget Paper No.6 1997/98 Northern Territory Economy

Other title

Tabled Paper 3223

Collection

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

Date

1997-04-30

Notes

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.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/289257

Citation address

https://hdl.handle.net/10070/404114

Page content

Mining Mining is the Northern Territorys major economic activity and the driving force behind exports. Mining also builds and strengthens Australias ties with Asia and sustains the Territorys future economic growth and development. The mining industry in the Northern Territory makes the single most significant contribution to Gross State Product (GSP) of any industry. In 1994-95, the latest year for which an industry breakdown is available, the mining industry accounted for 16.5% of the Northern Territorys GSP, approximately four times the corresponding national figure of 4.2%. Table 8.1 shows the contribution of mining to each jurisdictions GSP and to Australias Gross Domestic Product (GDP). Minings high percentage of Territory GSP reflects the Northern Territorys resource endowment and highlights the significance to the Territory economy of the mineral and energy sector. Figure 8.1 shows the value of production and processing from the Territorys mineral and energy resources. Production in 1995-96 was $1 551 million, an increase of 18.4% on 1994-95. Growth is continuing and production for 1996-97 is estimated at $1 656 million. The value of energy production, which had been declining as oil fields in the Timor Sea reached the end of their productive lives, was reversed in 1995-96 by an increase in the value of uranium production. However, recent off shore oil discoveries at Laminaria/Corallina will more than double the value of energy production to $1 072 million in 1998-99. Offsetting the recent declines in the value of energy production has been the steady growth in the value of mineral production since 1992-93. Based on year-to-date figures, the value of mineral production in 1996-97 is estimated at $1 243 million. The value of mineral production is forecast to continue its recent increases, growing to $1 486 million in 1998-99. As a result of a very buoyant outlook for the energy sector, the Department of Mines and Energy (DME) forecasts that the value of mineral and energy production could reach $2 560 million in 1998-99. Table 8.1 Mining % of GSP Northern Territory 16.5 Western Australia 15.3 Queensland 4.7 Victoria 3.1 Tasmania 2.1 New South Wales 2.0 South Australia 1.9 Australian Capital Territory 0.1 Australia 4.2 Source: ABS Cat. No. 5220.0, 1994-95 39


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