Territory Stories

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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Department of the Treasury and Finance

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96 International Trade 2013-14 Budget e: estimate; f: forecast 1 Inflation adjusted, base year 201011 Source: Department of Treasury and Finance; ABS Cat. No. 5368.0 The Territorys international trade surplus is estimated to decline from $1.8billion in 201112 to $1.4billion in 201213 (down by 22.6percent), due to an 17.9percent ($1.1billion) increase in total exports offset by a 36percent ($1.5 billion) increase in imports. Exports are estimated to increase by 17.9percent to $6.9billion in 201213 as LNG exports returned to full capacity following the scheduled maintenance shutdown of the DarwinLNG plant in 201112 as well as increased alumina exports. Services exports are forecast to increase in 201213 largely due to a 2.4 per cent increase in government goods and services related to growth in international defence force personnel. International imports to the Territory are estimated to increase by 36.0percent to $5.5billion in 201213 mainly due to the arrival of the Montara Venture FPSO in December 2012 as well as higher feedstock gas imports from the BayuUndan fields as production at the DarwinLNG plant returned to capacity. Travel services imports are also estimated to increase in 201213 as a result of favourable exchange rates, with Territorians continuing to take advantage of the strong Australian dollar and holiday overseas. Outlook Exports International exports from the Territory are forecast to increase by 18.5percent to $8.2billion in 201314, driven by a forecast increase in goods exports of 20.5percent to $7.4billion. The commencement of production at the Montara oilfields is expected to be the primary driver of growth during the year. Growth is also expected to be driven by increasing zinc/lead concentrate and manganese exports, following the completion of expansion activity at both the McArthur River and Groote Eylandt Mining Company (GEMCO) mines in the first half of 201314 (see Chapter 10: Mining and Manufacturing). Services exports are forecast to increase by 3.2percent to $811billion in 201314, driven by increasing international visitor arrivals to the Territory. 0 2 4 6 8 10 12 14 16 02 03 04 05 06 07 08 09 10 11 12 13e 14f 15f 16f 17f $B Exports Imports Trade balance Year ended June Chart 8.5: Territory International Trade, 200102to2012131 (moving annual total) Forecasts 201314

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