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Budget 2013/14 Northern Territory Economy



Budget 2013/14 Northern Territory Economy

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Tabled paper 295


Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT




Tabled by David Tollner


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.




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Mining and Manufacturing 119 Northern Territory Economy Mining and Manufacturing Mining is the largest industry in the Northern Territory, accounting for 19.8percent of grossstate product (GSP) in 201112. In the Territory, manufacturing accounted for 5.8percent of GSP, which included the production of liquefied natural gas (LNG), alumina and helium. In inflationadjusted terms, the value of mineral and energy production in the Territory is estimated to increase by 12.0percent to $6.6billion in 201213, mainly due to higher levels of oil production. In 201213, the value of manufacturing production is estimated to increase by 7.7percentto $2.6billion, mainly reflecting a recovery from the lower levels of LNG production in 201112 following the scheduled maintenance shutdown of the ConocoPhillips Darwin LNG plant in Mayand June2012. The value of mineral and energy production in the Territory is forecast to increase by 15.3percent to $7.6billion in 201314, mainly due to higher levels of offshore oil production from the Montara project. Growth in minerals production is expected to be driven by increased zinc/lead concentrate and manganese production. In 201314, manufacturing is forecast to increase by 8.3percent to $2.8billion, mainly due to increases in LNG and alumina production. Between 201415 and 201617, growth in mineral and energy production is expected to be driven by the expansion of the Groote Eylandt Mining Company and McArthurRiver mines, while energy production is forecast to peak in 201415 before naturally declining at the Kitan and Montara projects. The commencement of LNG production from the Ichthys LNG plant at Blaydin Point in 201617 will substantially increase manufacturing production in the Territory. % of GSP/GDP in 201112 Northern Territory Australia Mining 19.8 9.7 Manufacturing 5.8 7.1 201213e 201314f 201415f 201516f 201617f $B % $B % $B % $B % $B % Mineral 2.4 2.3 2.7 10.4 3.0 11.2 2.9 2.9 2.9 1.9 Energy 4.2 17.8 5.0 18.1 4.9 1.8 4.6 5.6 4.8 5.0 Mineral and Energy 6.6 12.0 7.6 15.3 7.9 2.7 7.5 4.6 7.8 3.8 Manufacturing 2.6 7.7 2.8 8.3 2.3 17.8 2.7 19.9 6.2 128.1 e: estimate; f: forecast; GDP: gross domestic product Note: Mining, energy and manufacturing, yearonyear percentage change, 201011 inflation adjusted. Source: Department of Treasury and Finance; Department of Mines and Energy Chapter 10 Key points