Territory Stories

Budget 2007-2008 Northern Territory Economic Overview

Details:

Title

Budget 2007-2008 Northern Territory Economic Overview

Other title

Tabled paper 865

Collection

Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT

Date

2007-05-01

Description

Tabled By Sydney Stirling

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/10070/283514

Citation address

https://hdl.handle.net/10070/410859

Page content

0 Northern Territory 007-08 budget Construction and Property The Territory construction industry accounted for about 7 per cent of GSP on average over the past five years to 2005-06, and employed about 7.8 per cent of the workforce. Projects such as the Alcan G3 refinery expansion at Gove have a huge impact on the value of construction work done in the Territory. They are significant both on a Territory and a national scale and can lead to substantial volatility in the value of construction work done. In 2005-06, total construction activity increased by 5.9 per cent to $2.4 billion, supported by major resource-based engineering projects such as the Darwin LNG plant at Wickham Point and the $3 billion Alcan refinery expansion. Declining construction growth in 2006-07 comes as investment for Bayu-Undan stage 2 (LNG plant and associated sub-sea pipeline) and the Alcan refinery expansion, the main drivers of engineering work done, are completed. Northern Territory construction activity will contract substantially in 2007-08. However, new mining and engineering based projects will ensure that total construction activity will remain at levels above historical averages over 2007-08. Total 0.0 0.5 1.0 1.5 2.0 2.5 3.0 95 96 97 98 99 00 01 02 03 04 05 06 07e 08 Residential Non-residential Year ended June $B f Engineering Territory Construction Work Done (moving annual total) e: estimate; f: forecast Source: Northern Territory Treasury, ABS Cat. Nos. 8752.0, 8782.0.65.001


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