Mr STYLES - 2012-10-30
A key economic strategy for the Mills government is the development of a robust three-hub economy. Can you please detail to the House the importance of a strong, diverse, economic base to Territory businesses.
ANSWER
Madam Speaker, I thank the member for Sanderson for his question today. A strategy of this government is to prioritise three hubs for our economy - unlike the previous government - an international education and tourism hub, a food and export hub, and a mining and energy hub. In doing so, the government is seeking to diversify our economic base for the benefit of all Territorians, creating jobs and wealth across the Northern Territory. A strong, vibrant and sustainable multi-hub economy will deliver growth not only to our major cities, but also the smaller communities and towns across the Northern Territory.
The mining and energy sector is a main driver of the Northern Territory economy with much of our current construction development linked to major oil, gas and mining driving this economy. This has been confirmed by Deloitte Access Economics which reports that the main driver of economic growth for 2012-13 is expected to be private construction, machinery, and equipment investment which is attributable to major projects commencing in the Territory such as the INPEX LNG project.
The Territory has, historically, had a boom/bust cycle of economic development. Our economy is heavily reliant on resources and historical peaks have centred on projects of this nature. Mining is the largest contributor to gross state product in the Northern Territory and can contribute up to 20% of the economy depending upon volumes and prices. Key commodities include oil, natural gas, uranium, gold, manganese, bauxite, and base metals.
The October 2012 Territory Economic Review reports that mineral and petroleum exploration in the Northern Territory increased by 24.9% to $210.7m in the June quarter 2012. Oil and gas exploration expenditure in the Territory increased by 23.9% to $70.6m while mineral exploration, increased by 26.9% to $40.1m over the same period.
Members interjecting.
Madam SPEAKER: Order! Member for Barkly!
Mr CHANDLER: It does not matter.
In 2011-12, mineral and energy exploration and expenditure in the Northern Territory increased by 38.2% ...
Members interjecting.
Mr CHANDLER: Well, we will get there if you want to listen.
Members interjecting.
Madam SPEAKER: Member for Brennan, please address your comments through the Chair.
Mr CHANDLER: Madam Speaker, the point is, the previous government focused on one area alone. The problem with the bust cycle we have is you are going to see that we would be in the same position in a few years from. That is why this Terry Mills government will focus on a three-hub economy: to shore up the Northern Territory for years to come. It is the only way ...
Members interjecting.
Mr CHANDLER: Madam Speaker, Territorians have spoken, they are fed up with the rhetoric, there is a new future ...
Madam SPEAKER: Minister, your time has expired.
ANSWER
Madam Speaker, I thank the member for Sanderson for his question today. A strategy of this government is to prioritise three hubs for our economy - unlike the previous government - an international education and tourism hub, a food and export hub, and a mining and energy hub. In doing so, the government is seeking to diversify our economic base for the benefit of all Territorians, creating jobs and wealth across the Northern Territory. A strong, vibrant and sustainable multi-hub economy will deliver growth not only to our major cities, but also the smaller communities and towns across the Northern Territory.
The mining and energy sector is a main driver of the Northern Territory economy with much of our current construction development linked to major oil, gas and mining driving this economy. This has been confirmed by Deloitte Access Economics which reports that the main driver of economic growth for 2012-13 is expected to be private construction, machinery, and equipment investment which is attributable to major projects commencing in the Territory such as the INPEX LNG project.
The Territory has, historically, had a boom/bust cycle of economic development. Our economy is heavily reliant on resources and historical peaks have centred on projects of this nature. Mining is the largest contributor to gross state product in the Northern Territory and can contribute up to 20% of the economy depending upon volumes and prices. Key commodities include oil, natural gas, uranium, gold, manganese, bauxite, and base metals.
The October 2012 Territory Economic Review reports that mineral and petroleum exploration in the Northern Territory increased by 24.9% to $210.7m in the June quarter 2012. Oil and gas exploration expenditure in the Territory increased by 23.9% to $70.6m while mineral exploration, increased by 26.9% to $40.1m over the same period.
Members interjecting.
Madam SPEAKER: Order! Member for Barkly!
Mr CHANDLER: It does not matter.
In 2011-12, mineral and energy exploration and expenditure in the Northern Territory increased by 38.2% ...
Members interjecting.
Mr CHANDLER: Well, we will get there if you want to listen.
Members interjecting.
Madam SPEAKER: Member for Brennan, please address your comments through the Chair.
Mr CHANDLER: Madam Speaker, the point is, the previous government focused on one area alone. The problem with the bust cycle we have is you are going to see that we would be in the same position in a few years from. That is why this Terry Mills government will focus on a three-hub economy: to shore up the Northern Territory for years to come. It is the only way ...
Members interjecting.
Mr CHANDLER: Madam Speaker, Territorians have spoken, they are fed up with the rhetoric, there is a new future ...
Madam SPEAKER: Minister, your time has expired.
Last updated: 09 Aug 2016