Message from the NT Treasurer
The Northern Territory is Australia’s newest frontier, with
exciting new developments including the completion of the Australasia
Railway and major private sector investments associated with the
onshore processing of natural gas from the Timor Sea. The public
sector is also committed to significant infrastructure projects,
including the redevelopment of Darwin’s waterfront with the
construction of a convention centre, and a major expansion in Defence
spending.
These projects are expected to lift the Territory’s economic growth to over 4% over the next five years, supported by a pick up in housing investment, and a recovery in tourism activity, combined with population and employment growth underpinning continued growth in private consumption.
The major resource and infrastructure projects now underway will broaden the Territory’s economic base and lay the foundation for solid long-term growth. The Australasia Railway, operational early in 2004, will provide a fast and efficient trade corridor between southern Australia and the burgeoning Asian centres on the Territory’s doorstep.
Construction of a liquefied natural gas plant is now underway at Wickham Point on Darwin Harbour, and the associated construction of a 500km pipeline to the Timor Sea will commence early in 2004. More gas projects are expected in coming years.
The $600 million redevelopment of the Darwin waterfront as a public private partnership will turn Australia’s only tropical capital city into a significant centre for convention activity, drawing visitors from Australasia, the Pacific and South East Asia, complementing Darwin’s new role as a regional trade and energy hub. Defence has also recently received the green light to relocate the 1st Aviation Regiment to the Top End.
In partnership with its indigenous population, 600 new mineral exploration licences have been issued in the past two years on Aboriginal land. Significant investment is occurring in regional infrastructure, including schools, health facilities and essential services to underpin the opening up of new opportunities.
Education services are being enhanced through the establishment of the Charles Darwin University, including an energy research institute, and the Desert Knowledge Centre in Alice Springs. The Territory is ideally placed to become an exporter of education and health services into the region.
One of the Northern Territory Government’s main funding sources for these developments is through issuing Northern Territory Government Guaranteed Territory Bonds. Territory Bonds offer the investor an attractive market related rate of return as well as the opportunity to share in the growth of this prosperous economy.
Syd Stirling