Budget 2013/14 Northern Territory Economy
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.
Department of the Treasury and Finance
Structure of the Economy 17 Northern Territory Economy In 2011-12, private sector investment expenditure represented 27.1percent of Territory SFD compared with 22.7percent nationally. Private sector investment in the Territory can be extremely volatile due to the impact of large, typically resource-based projects. Engineering construction related to the development of major projects in the mining sector is generally the main driver of changes in private sector investment in the Territory. In 2011-12, private investment in the Territory increased by 80.0percent to $6.1billion. This was driven by a combination of progress payments made in relation to the development of preassembled modules for the IchthysLNGproject and development activity for other major projects including the Kitan and Montara developments and the GEMCOPhase2 expansion (Chart1.7). The decline in 2010-11 followed the completion of a number of major projects in the mining sector in the Territory such as the Blacktip project, GEMCO Phase1 expansion and the BOC Limited heliumplant near the Darwin LNG plant. 1 Inflation adjusted, base year 2010-11 Note: Excludes defence. Source: ABS Cat. No. 5206.0 Mining is expected to remain the dominant industry over the next fiveyears. In the three years to 2015-16, the construction industry is expected to significantly increase its contribution to economic activity in the Territory primarily driven by works associated with the IchthysLNG project, expansion of existing mines and the construction of a gas pipeline to the Pacific Aluminium alumina refinery at Gove. This is expected to conclude in 2016-17 once the construction phase of the Ichthys project is complete. Manufacturings contribution to the economy is expected to grow significantly from 2016-17 as LNG production commences at the IchthysLNG plant. Public administration and safetys contribution to economic activity is expected to continue its downward trend over the four years to 2016-17 reflecting ongoing diversification in the Territoryseconomic base and fiscal consolidation by the Territory and Commonwealthgovernments. Merchandise goods imports to the Territory are expected to grow substantially over the three years to 2015-16, primarily due to the importation of machinery and equipment and preassembled modules related to the construction phase of the Ichthys LNG project and pipes Private Investment Chart 1.7: Territory Public and Private Sector Investment1 0 2 4 6 8 Private investment Public investment Year ended June $B 02 03 04 05 06 07 08 09 10 11 12 Outlook
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