Territory Stories

Budget 2013/14 Northern Territory Economy

Details:

Title

Budget 2013/14 Northern Territory Economy

Other title

Tabled paper 295

Collection

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

Date

2013-05-14

Description

Tabled by David Tollner

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

Publisher name

Department of the Treasury and Finance

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00866

Parent handle

https://hdl.handle.net/10070/273751

Citation address

https://hdl.handle.net/10070/426369

Page content

10 Structure of the Economy 2013-14 Budget Introduction Territory gross state product (GSP), at around $18.5billion, accounted for approximately 1.2percent of Australias gross domestic product (GDP) in 2011-12. Notable differences between the Territory and national economies include a greater contribution from mining, construction, government services and defence in the Territory, and a comparatively smaller contribution from professional service industries such as finance, insurance and information technology. The Territorys economic base is relatively concentrated compared with other jurisdictions, with the top five industries accounting for 50.6percent of Territory GSP compared with 40.5percent for the top five industries nationally. The balance between consumption and investment in the Territory also differs from that nationally, with consumption expenditure accounting for 80.3per cent of GSP in the Territory in 2011-12, whereas it accounted for 71.7percent nationally. A large proportion of this consumption was driven by the public sector and reflects the relatively higher costs of providing core government services to a small and widely dispersed population. In 2011-12, public consumption in the Territory accounted for 33.2percent of GSP, compared with 17.9percent of national GDP. Industry Structure The Territory Governments three-hub economy policy, centred on developing mining, tourism and education, and food exports, aims to broaden the economic base by expanding the focus beyond mining to ensure that the Territory is better able to capitalise on future economic opportunities. In terms of contribution to GSP, mining is the largest industry in the Territory, accounting for 19.8percent of GSP in 2011-12, more than double the 9.7per cent share nationally (Chart1.1). This reflects the resource endowments of the Territory, with some of Australias largest deposits of uranium, zinc/lead, bauxite and manganese, and smaller deposits of commodities such as gold, copper, iron ore, rare earths, tungsten, zircon sands and potash, as well as oil and gas. Production is significantly influenced by output from a small number of major mines and oil and gas fields, namely: the Bayu-Undan gas and liquids fields (condensate and liquefied petroleum gas) in the Joint Petroleum Development Area (JPDA); the Kitan oilfield in the JPDA; the Montara oilfield in the Timor Sea; the Groote Eylandt Mining Company (GEMCO) manganese mine on Groote Eylandt; the Laminaria-Corallina oilfields in the Timor Sea; the Pacific Aluminium bauxite mine on the Gove Peninsula; the McArthur River zinc/lead mine at Borroloola; and Energy Resources of Australias uranium mine near Jabiru.


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