THE Northern Territory may lead the country in economic growth until the end of the decade, according to new Deloitte research released last week.
The report, Positioning for Prosperity: Catching the Next Wave, reveals five economic pillars likely to propel Australia’s economic growth forward, namely tourism, gas, agribusiness, education and wealth management.
Deputy Chief Minister David Tollner hailed the new report as coinciding with the Northern Territory’s own focal points for economic prosperity.
“The Deloitte report refers to new opportunities opening up for the Territory…the same opportunities the Adam Giles Country Liberals Government has identified for the Territory,” Mr Tollner said.
“NT’s announced 3-Hub strategy focusing on mining and energy, tourism and education, and food exports shows that the economy is already preparing for the coming shift.”
In particular, the growing gas sector is set to drive the Territory forward.
“The successful completion and operation of Darwin LNG, the construction underway at Ichthys and the potential for the Sunrise FLNG and Bonaparte FLNG projects to get underway ensures that the NT will cash in on Asia’s demand for clean burning gas,” Mr Tollner said.
“Deloitte says, for Australia as awhole the future is looking bright as we position ourselves to prosper from Asia’s emerging middle class. For the NT, the rewards are already being felt as the Territory surfs the waves of opportunities in gas, tourism, education and agribusiness.”
The study complements previous findings from Deloitte, showing a fifth of Territory businesses can expect 30% growth over the coming 12 months.
For more information about the Deloitte report, click here.