2016-04-21 Economic Brief: APM House and Unit Prices March Quarter 2016
Median house price in Darwin: $613,118 (behind Sydney, Melbourne and Canberra). Median unit price increased by 14.9% to $493,746 - second highest median unit price behind Sydney.
2016-04-18 Economic Brief: Deloitte Access Economics March quarter 2016
The Northern Territory is expected to have the 3rd highest economic growth of all jurisdictions in 2015-16… estimated to grow by 2.7%. The outlook is for the Territory economy to grow by an average of 3.2% pa over the 5 years to 2019-20… the 2nd highest economic growth forecast of all jurisdictions behind Queensland (3.5% pa) (DAE forecasts the national economy to grow by an average annual rate of 2.6% over that period)
DAE notes that exports are expected to replace the construction phase of resource development as the key driver of Territory economic growth over the medium term. Territory economic growth over the next 5 years to 2019-20 is expected to be supported by: international goods exports which are forecast to increase by an average of 11.7% pa.
2015-16 to 2019-20, employment in the NT is forecast to grow on average by 1.5% pa… the NT’s unemployment rate is forecast to average 4.5% over the 5 years to 2019-20, compared to 5.9% nationally, (the lowest average annual unemployment rate of all jurisdictions). DAE forecasts the Darwin CPI growth to strengthen to 2.2% by 2019-20.
2016-04-27 Gastech News: INPEX sees positive growth for LNG in Japan
Yutaka Inoue, General Manager Oil & Gas Business, Gas Business Unit at INPEX: “Ichthys LNG Project, of which we are the Operator, is the first, large-scale LNG project to be operated by a Japanese company. It is a competitive, liquid-rich project with a life expectancy of 40 years, with an annual production capacity volume of 8.9 million tons of LNG. We expect this project will play a key role in our mission of delivering a stable and efficient supply of energy to Japan. From a medium-to-long-term perspective, we will ensure that our key projects like Ichthys, Abadi and the ADCO Onshore Concession are solidly developed or operated, while continuing to invest in new business opportunities to ensure sustainable growth.”
2016-04-19 NT News: Land of opportunity
Gina Rinehart pitches Territory… “This area… does indeed represent one of the world’s last great development opportunities of scale… We will see Asian connectivity as a key driver to Northern Australia growth. There is amazing potential for the discovery and development of new resources in this geological region.”
2016-04-21 The Australian: Feds ready for $5bn northern scheme
The federal government is moving fast on its plans to develop high-value agriculture in northern Australia, with Resources, Energy and Northern Australia Minister Josh Frydenberg ready to distribute the first funds from $5 billion Northern Australia Infrastructure Fund harnessing the abundant “untapped’’ water in northern Australia would be a key focus of the government’s first spending initiatives... priorities (such) as building dams and irrigation schemes on the Victoria and Roper rivers in the Northern Territory. Raising the height of the dam wall of vast Lake Argyle, which supplies the Ord irrigation scheme centred on Kununurra… is also part of the government’s grand plan for northern Australia.
2016-04-20 Minister Frydenberg: Global Food Forum: Australia's Place at the Table
“Our proximity to markets in Asia presents us with considerable opportunities over other agricultural producers. We are right on the doorstep of the booming middle-class in Asia. As some of you may be aware, Darwin is closer to Singapore than it is to Sydney and closer to Jakarta than it is to Melbourne, so there are huge opportunities, particularly for our north.”
2016-04-25 ABC Rural: Tropical Forestry Services begins 1,200 hectares of Indian sandalwood plantings in the Northern Territory
TFS is expecting to plant around 1,200 hectares of sandalwood this year across its properties in the Douglas Daly and Katherine regions… The seedlings being planted at Mustang Hill came from TFS's $3.5 million nursery opened in Katherine last month.
2016-04-21 Northern CRC Interim Chair Jon Wharton: Northern CRC taking shape
Northern Australian Cooperative Research Centre will be formally launched in late June… the CRC would kick-off with a $75M commitment from the federal government over 10 years but financial and in-kind contributions from industry research partners could produce a combined research spend of up to $200M…
“Project applicants need to contribute $ per $ funding or make in-kind contributions to research projects… Townsville and Darwin ports are just sitting there ready to go so we need to be moving these products out of those ports. Gone are the days where we sent everything back down to Brisbane – that’s the old way and this is the new way.”
2016-04-27 NT News: Marines size up China
US defence spending in Australia is expected to top more than $2.5 billion over the next few years, with the bulk expected to be spent in the Territory.
2016-04-19 news.com.au: Top military commander says US military on track to grow its presence in Northern Australia
Lieutenant Colonel Steven Sutey, commander of this year’s annual Marine Rotational Force Darwin, says the US military is “on track” to grow its numbers in northern Australia… this year’s force was the 3rd battalion-sized group to come to Darwin… “This rotation will bring different capabilities than previous rotations… we’re also bringing with us additional logistic and engineer capabilities that will allow us to expand out training and operations down here in Australia.”
2016-04-22 NT News: Fund an Australian first
A $1 billion infrastructure development fund established by the Giles Government will be the first of its kind in Australia… a pipeline of potential projects had been identified… (they) covered gas, tourism, water and renewable energy… Infrastructure Capital Group (investment manager) expects to open an office in Darwin in the next few months.
2016-04 Regional Australia: bringing small cities into the National Cities Agenda
Population is one of the key drivers of development and growth in Australia… Small cities in Northern Australia top the growth list with a projected population growth rate of over 25% in the next decade.
2016-04-27 Media Release:
Key bilateral talks building strong regional ties with Timor-Leste
Six senior ministers from Timor-Leste arrived in Darwin … led by Minister of State, Coordinating Minister of Economic Affairs & Minister of Agriculture and Fisheries, His Excellency Mr Estanislau da Silva… The NT is the only State or Territory jurisdiction in Australia to host a meeting of this nature with Timor-Leste counterparts who hold national-level portfolios.
2016-04-27 Media Release: International Education Relations
Minister for Education launched the Northern Territory Indonesia Alumni Network… 70 people attended the networking event, including Indonesian ministers and Consul, Indonesian alumni of Northern Territory schools and universities and Territorians who have participated in exchanges to Indonesia over the past 40 years.
2016-04-26 CDU e-news: International education ‘could bring NT $150m’
Charles Darwin University academic has calculated that the Territory’s international education exports could triple to $150 million a year within a decade. Northern Institute political economist Professor Rolf Gerritsen said this would see international education rise to 5th on the list of export earners for the NT, up from its current 10th placing.
“The international education sector is a promising industry for the NT and will grow in importance, both absolutely and relative to other export industries... A more realistic 10% per annum growth rate would be sufficient to triple the international student cohort to about 4,500 by 2024. As an export earner, that would place it behind the natural gas, base metal, tourism and live animal export industries in 5th place, which would more closely reflect the national position, where international education is the largest service sector export… It creates more than 500 (full-time equivalent) jobs in Darwin’s economy, so it is an increasingly important contributor to the NT regional economy.”
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