Australia Economic Strategy Report Australia Economic
Strategy Report
Chapter 1

Macroeconomic overview

Northern Territory is an Australian Territory situated in the central-northern region of the country. The state’s economy is characterized by a large public sector, abundant resources and a strong defence force. The economy has a relatively small population (~0.2 million)60 and has a share of 1% (valued at AUD 26.2 billion, USD 17.5 as of June 2018) in the country’s GDP. The state’s capital city is Darwin.61

The Defence Industry contributes significantly to NT’s economy with respect to direct and indirect employment opportunities.62 The other key industries contributing to NT’s economy are mining, agriculture, manufacturing, construction, etc. While the state’s economic growth (2.7%) can be largely attributed to net exports of LNG, live animals, mineral ores and concentrates, the low private investment in construction have slowed down the pace of this growth.63

NT has several ongoing investments in both the public and private sectors. The USD 45 billion Ichthys Liquefied Natural Gas (LNG) project, moved from its initial phase to operational phase, has been responsible for increasing the territory’s exports.63 The Government has invested in several transformative projects to drive demand growth across a broad range of sectors, such as mining, energy, tourism, agri-business, space, international education and training.64

In an effort to increase engagement between India and NT, NT’s Government has developed an NT-India market entry guide. This strategy lays down collaboration models with India in the fields of education, training, tourism, METs expertise, agri-business and water management.65

NT has a substantial indian population. The town of Alice Springs in the Northern Territory has a population of ~3,000 Indians in the town’s population of 30,000 people. The hospital is the town’s largest employer with majority of its employees from India.

60 Population, The Northern Territory Economy
61 NT goes it alone on $400m ship lift, The Canberra Times
62 Defence and Defence Support, The Territory
63 Economic Growth, The Northern Territory Economy
64 Expressions of Interest, The Territory
65 NT-India Market Entry Guide