Northern Territory Overview Report

Product Description

The Northern Territory is a federal territory of Australia, occupying much of the centre of the mainland continent, as well as the central northern regions. The Northern Territory occupies the north central part of the continent of Australia. The Northern Territory (NT) comprises a land area of 1 346 200 sq. km. It is the third largest of the states and territories after Western Australia and Queensland, yet has the smallest population and lowest population density. The largest city in the NT is Darwin, located on the northern coast, 12 degrees below the equator. Darwin is as close to Singapore and Manila as it is to Sydney and Melbourne. As the Australian capital city in closest physical proximity to Asia, Darwin’s importance as a port is expected to grow destined to become a hub of international trade. The Northern Territory shows great potential for the development and expansion of its minerals, petroleum and energy sector, currently driving around 25% of its economy. The Northern Territory economy is markedly different from other Australian jurisdictions. It has an abundance of natural resources, a large public sector and a significant defence presence. The importance of mining and mining-related production will grow as production reaches full capacity following the completion of major infrastructure projects. A large mining and energy industry means the economy is capable of strong growth as resources are developed. This is balanced by the government and the Defence industry—the largest employers in the Northern Territory. Mining is important to the Territory. It is Important because it is the single most significant contributor of GSP, accounting for $2.5 billion in revenue each year and directly employing over 4,600 people. If you consider the petroleum industry as well, mining and petroleum make up over 20% of GSP, making them vital to the development of the Territory into the future. The Territory 2030 Strategic Plan is a road map for the future. Developed in consultation with the Territory community, Territory 2030 will set priorities and guide government’s efforts over the next two decades.