Budget 2013/14 Northern Territory Economy
Tabled paper 295
Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT
Tabled by David Tollner
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Department of the Treasury and Finance
Economic Growth 23 Northern Territory Economy Public sector consumption expenditure is estimated to decline by 0.1percent in 2012-13, partly as a result of the reprioritisation of the capital works program due to new savings measures identified by the TerritoryGovernment, as well as Commonwealth consumption expenditure in the Territory declining after several years of growth and the finalisation of fiscal stimulus measures. Major investment expenditure in 2012-13 includes: further infrastructure and land servicing as part of the Strategic Indigenous Housing and Infrastructure Program; road capital works including upgrades to Umbakumba Road and HowardSprings Road; completion of the new Berrimah Fire Station and facilities for Darwins Emergency Service Volunteer Unit; upgrades to the Royal Darwin Hospital; Commonwealth-funded upgrades to Ramingining and Gapuwiyak police stations; and ongoing headworks at Palmerston East and the new Darwin Correctional Precinct. The Territorys international trade surplus is estimated to narrow by 29.2percent in 2012-13, reflecting the importation in December 2012 of the $500 million Montara Venture floating production storage and offload facility to service the Montara oilfields. It also reflects machinery and equipment imports for the early stages of the Ichthys project such as the Athena and Rotterdam dredgers from the Netherlands, and the pre-assembled housing modules for the workers village from China. Partly offsetting the decline will be international exports reflecting a full years worth of production at the Kitan oilfield and commencement of production from the Montara oilfields in April2013. e: estimate 1 Inflation adjusted Source: ABS Cat. No. 5220.0; Department of Treasury and Finance; Deloitte Access Economics Chart 2.1: Gross State Product and Gross Domestic Product1 (yearonyear percentage change) 0 1 2 3 4 5 6 7 8 02 03 04 05 06 07 08 09 10 11 12 13e % Year ended June Northern Territory Australia
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