News

Economic News from Darwin – 29 May 2017

2017-05-25 NT News: Rural area is leading way

Anyone who has taken the 28km drive from Darwin along the Stuart Highway will have seen the dramatic transformation that has taken place on once Mango farmland. In almost the blink of an eye a $400 million business and shopping precinct, surrounded by new modern apartment living, has become a reality. We are seeing the birth of a new development hotspot quietly pouring millions upon millions into the Territory economy.

The Coolalinga Village Tavern is just part of another exciting six months of building and construction that will generate hundreds of jobs and see new restaurants and apartment blocks go up. For its part, the family friendly tavern will bring 45 jobs once it is open and scores of others while construction is underway.

Gwelo Development’s managing director Even Lynne has done a great job delivering this massive modern new hub for the rural area. It’s been a rollercoaster ride but his faith in the Territory has given us all a gift of confidence. Stage one of the development is the 35,000sqm shopping centre. This development centrepiece features Coles and Kmart. The 5,004 sq Kmart showcases the store’s new layout that is being rolled out nationally. 

2017-05-26 NT News: City Deal inked

A new City Deal for Darwin is in the works through an agreement signed between the Northern Territory and Federal governments… a partnership to develop a sustainable and realistic investment and planning strategy for the CBD. Prime Minister Malcolm Turnbull said the MOU brings the Territory closer to a full deal. “It is anticipated that every lever of the Commonwealth, State Government and local government will work together to create jobs and a more liveable city that grows the Northern Australian economy.”

2017-05-15 Geoscience Australia:
New offshore areas released for petroleum exploration in 2017

21 new offshore petroleum exploration areas have been released. The majority are located along Australia's North West Shelf… from the Bonaparte Basin in the northeast to the Northern Carnarvon Basin.

2017-05-19 Australian Financial Review: gas pipeline - Jemena

Darling Downs gas pipeline in Queensland (has been sold) to Chinese-controlled Jemena for $392 million. Paul Adams, Jemena managing director, described the acquisition as "a crucial next step" in the company delivering on its northern Australian growth strategy, which aims to build an interconnected supply chain of energy delivery infrastructure in northern Australia. The network would be built both through acquisition and the development of assets from scratch such as the $800 million Northern Gas Pipeline being built between Tennant Creek in the Northern Territory and Mt Isa in Queensland, which Jemena has ambitions to extend.

2017-05-16 Defence Connect: NT government seeking to expand industry into US

NT government is seeking proposals to develop and deliver a training package to support local NT contractors in bidding for delivery work associated with the US Department of Defense… US Naval Facilities Engineering Command Pacific Headquarters (NAVFAC PAC) sought notice for: an additional aircraft parking and refuelling apron at RAAF Base Darwin; and an aircraft maintenance facility at RAAF Base Darwin.

2017-05-22 Charles Darwin University: Hub poised to give wings to best ideas

Darwin Innovation Hub (DIH) announced this month… many CDU students in business, science, information technology, law, creative arts and other areas would be eager to undertake internships at DIH and serve as a resource for jobs growth among its clients. “It will be particularly exciting when DIH clients and our staff identify projects that are suitable for Masters students and PhD candidates. The potential to promote our unique innovative capabilities to the world is essentially limitless.” Professor Cram said that with Federal and Territory funding, the DIH anticipated being able to attract 75 start-ups within its first two years.

2017-05-23 Economic Brief: Engineering work done March quarter 2017

In the March quarter 2017, trend engineering construction work increased by 1.4%.

2017-05-18 Economic Brief: Labour Force April 2017

Trend resident employment in the Territory increased by 0.5%... the highest increase of all jurisdictions. The Territory’s trend unemployment rate was 3.5% in the month, the lowest of all jurisdictions. Trend participation rate was 78.8% in the month, the highest of all jurisdictions. Annually, trend resident employment increased by 6.9% in the Territory compared to April 2016, above the national growth of 1.3%.

2017-05-17 Economic Brief: Wage Price Index, March Quarter 2017

NT recorded the equal 3rd highest year on year growth of the jurisdictions, along with NSW.

2017-05-15 Economic Brief: Housing Finance for owner occupation, March 2017

In March 2017, the trend number of housing finance commitments for owner occupation in the Territory increased by 1.7% to 307. This was the highest monthly change in trend total commitments of all jurisdictions… In the year to March 2017, the number of commitments by first home buyers in the Territory increased by 20.6%.

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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