Economy
See also: Australian economyThe Northern Territory's economy is largely driven by mining, which is concentrated on energy producing minerals, petroleum and energy and contributes around $2.5 billion to the gross state product and employs over 4,600 people. Mining accounts for 26 per cent of the gross state product in 2006–2007 compared to just 7 per cent nationally.
The economy has continued to grow during the 2005–2006 financial year from the past two financial years. Between 2003 and 2006 the gross state product had risen from $8,670 million to $11,476 million and increase of 32.4 per cent. During the three years to 2006–2007 the Northern Territory gross state product grew by an average annual rate of 5.5 per cent. Gross state product per capita in the Northern Territory ($72,496) is higher than any Australian state or territory, and is also higher than the gross domestic product per capita for Australia ($54,606). This can be attributed to the recent mining and resources boom.
The Northern Territory's exports were up 19 per cent during 2005–2006. The largest contributor to the territory's exports was: petroleum and natural gas (33.4%), iron-ore (20.0%), other manufacturing (5.9 per cent) and agriculture (4.9%). Imports to the Northern Territory totalled $2,887.8 million which consisted of mainly machinery and equipment manufacturing (58.4%) and petroleum, coal, chemical and associated product manufacturing (17.0%).
The principal mining operations are bauxite at Gove Peninsula where the production is estimated to increase 52.1% to $254 million in 2007–08. Manganese at Groote Eylandt, production is estimated to increase 10.5% to $1.1 billion which will be helped by the newly developed mines include Bootu Creek and Frances Creek. Gold is estimated to increase 21.7 per cent to $672 million at the Union Reefs plant. Uranium at Ranger Uranium Mine.
Tourism is one of the major industries on the Northern Territory. Iconic destinations such as Uluru and Kakadu make the Northern Territory a popular destination for domestic and international travellers. Diverse landscapes, spectacular waterfalls, wide open spaces, aboriginal culture, wild and untamed wildlife, all create a unique opportunity for the visitor to immerse themselves in the natural wonder that the Northern Territory offers. Images of Uluru (Ayers Rock) are recognised around the world ensuring that Tourism in the Northern Territory will remain a vital component of its future. In 2005–06, 1.38 million people visited the Northern Territory. They stayed for 9.2 million nights and spent over $1.5 billion.
The territory is also known for being promoted with the slogan "You'll Never Never Know if you Never Never Go". This was implemented as a result of the Kennedy Review in 1992.
Read more about this topic: Northern Territory
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
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