News

Economic News from Darwin – 8 May 2017

2017-05 REINT: NT Real Estate Local Market Report March Quarter 2017

The median house price for the Darwin market rose by 2.7% for the Qtr taking it to $530,000.
… overall vacancy rate of 7.1%. Darwin rental yield: 3-bed house 4.8%, 2-bed unit: 4.5%

2017-05 Herron Todd White: May 2017 Month in Review

The Port of Darwin has not yet ramped up its operations although that is certainly a possibility in the future.

2017-04-29 NT News: Inpex confirms delays

Production on the $50 billion Inpex plant in Darwin has been delayed until the March quarter next year... The workforce was scheduled to be scaled down from its peak of 8,000 to around 6,000 over the next few months however this now looks unlikely...

2017-04-27 The West Australian: LNG vessels leave South Korea bound for WA

The Ichthys Explorer, the offshore central processing facility for the Inpex-led LNG project, has sailed from Samsung Heavy Industry’s Geoje shipyard. The world’s biggest ever vessel, Shell’s 488m Prelude floating LNG facility, is waiting its turn at the same shipyard… Shell had planned for Prelude to sail in July but this may be delayed to September, according to industry sources. The second Inpex vessel, 336m Ichthys Venturer, is nearing completion in a Daewoo shipyard.

2017-05-05 Reuters: Origin Energy doubles stake in Beetaloo shale gas field

Australia's top energy retailer, Origin Energy, said on Friday it doubled its stake in the Beetaloo Basin shale gas field in Australia's Northern Territory… it increased its share in the undeveloped prospect to 70%, after purchasing a 35% share from Sasol Petroleum Australia Ltd.

2017-05-03 AFR: NT pipeline extension could solve east coast gas crisis

Jemena  said it was undertaking feasibility studies for a possible expansion of its yet-to-be-constructed Northern Gas Pipeline (NGP) which is due to deliver gas from Tennant Creek in the NT to Mount Isa in North Queensland. A 1,100km extension from Mount Isa to southern Queensland is expected to cost another $1 billion. Jemena executive general manager of corporate development Anton Boey said the company was actively considering the pipeline expansion and was confident there would be enough gas contracts to underwrite the project, despite the Northern Territory's moratorium on on-shore gas exploration.
"We built the NGP to the size of market demand that we see at the moment. But the technical and feasibility we've done around the NGP means we can scale it up in the event of more demand for gas transportation”… Northern Territory government (has) granted Jemena the pipeline and construction licence for the Northern Gas Pipeline to Mount Isa which is expected to begin construction in July and be completed by the end of 2018. The first stage of the pipeline is expected to carry 100 terajoules a day but a compression of gas (which effectively pushes more gas through the pipeline) and "looping" (which duplicates the pipeline in certain parts) could boost the capacity to 700 terajoules if the company decides to extend the pipeline to the populated south-east corner.

2017-05-03 Australian Mining: NT gas pipeline reaches next milestone

More jobs in the Northern Territory’s resources sector are on the away after the government granted Australian energy company Jemena a pipeline licence for the Northern Gas Pipeline.

2017-05-02 InvestorIntel: Northern Minerals revs heavy Rare Earths engine

Northern Minerals Limited has approved a $56M budget for management to trigger its 3-year pilot plant for the extraction and purification of the heavy rare earth dysprosium from the Browns Range Pilot Plant project in Northern Australia, its flagship project, which is expected to be the first significant world producer of dysprosium outside of China.

2017-04-27 Australian Mining:
NT Government considers Tennant creek common user mine

NT Government has committed to fund a feasibility study into the development of a common user mine and processing facility in Tennant creek, set to bring more jobs to the region.

2017-05-02 NT News: Defence to grow to 10pc of NT economy

The Defence NT team has been expanded and a Canberra-based industry advocate has been funded in this year’s Budget as part of the push to secure a portion of the $20 billion to be spent in the Territory over the next two decades... Defence makes up more than 7% of the NT economy already, which will grow to 10% with the forecast spending.

2017-05-02 Land Development Corporation: Marine Service Area

Land Development Corporation will be commencing works on the new Marine Service Area, within the Marine Industry Park at East Arm this year...on 8 hectares of land strategically located north of the Common User Facility and the proposed ship lift.

2017-05-02 NT Legislative Assembly: Hansard

The primary industry sector combined make up approximately 20% of the Territory’s economy... An estimated 235,625 NT cattle were exported from Darwin port in 2016.

2017-05-02 ABC News: Indonesia's weight limit changes 'making it easier'

In February the Indonesian Government changed the average weight limit from 350kg to 450kg. It ended 7 years of weight restrictions enforced by Australia's biggest customer for live cattle.

2017-05-04 Economic Brief: International Trade March 2017

In March 2017, the Territory's monthly trade balance increased by $4 million to $285 million... driven by a $181 million increase in goods exported, partly offset by a $177 million increase in the value of goods imported… primarily driven by a $113 million increase in exports to China and a $38 million increase in exports to Japan.

2017-04-27 Economic Brief: Sensis Business Index March 2017

Net balance business confidence level of Territory small and medium enterprises in their own business prospects over the next 12 months increased by 2 percentage points to +185.

2017-04-24 Economic Brief: CommSec State of the States April 2017

The Territory remained in 1st position for unemployment with the lowest trend unemployment rate of 3.5%, 12.5% below the NT’s decade average, and 1st for construction work done with the level of construction work in Dec Qtr’16 almost 30% above the decade average level. NT is ranked 1st for economic growth with current output 26.4% above the decade average level.

 

Disclaimer
The above information has been compiled by Gwelo (the Agent) from third party providers. The Agent has not verified whether the above information is accurate and does not have any belief one way or the other as to its accuracy. The Agent does no more than pass on the information. The Agent does not accept any responsibility to any person for its accuracy. All interested parties should make and rely upon their own enquiries in order to determine whether or not the information is, in fact, accurate.

12 O’Sullivan Circuit, East Arm NT 0822 +61 08 8943 7300 enquiries@ gwelodevelopments.com.au

Gwelo Developments has built a strong reputation in Darwin since 1975 and the company is well known and respected. Its developments have stood the test of time and been highly innovative and the Gwelo team is a strong team of long established professionals. Skills encompass a full range of construction and project management, commercial developments and residential design providing outstanding home owner, commercial, retail and investor options.

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