Data released this week by the ABS showed Australia posted a $9.7 billion trade surplus in May, which is not far off the record high of $9.87 billion set in January.
The data is very much in line with the Territory’s Economic Reconstruction final report and its focus on our mining and agriculture sectors as key contributors to the Territory economic rebound.
This month we saw the first shipment of iron ore from processed waste materials at Frances Creek Mine celebrated, as iron ore prices hit record highs, reaching more than US$210 per tonne as demand for the mineral soars.
Last month we saw MT Todd Mine get the green light, with the Project creating around 450 jobs during construction and 350 jobs during peak production.
This is the fifth major mine approval over the past 12 months in the Northern Territory and a further step to strategically position us as a globally-significant industry hub.
The Territory Government has also awarded $1.7 million in grants to support 18 projects from 15 companies under the latest Geophysics and Drilling Collaboration program.
Agriculture is Australia’s fastest growing sector. The Territory has a diverse and well-established agriculture, forestry and fisheries sectors, with plant-based industries alone worth over $350 million and over 135,000 tonnes of produce grown annually.
Agricultural developments will also bring significant ongoing development opportunities and sustainable economic benefits to the Northern Territory – along with 150 local jobs.
This month we saw the Territory Government announce the next steps to support large scale agricultural land developments which will see northern Australia capitalise on the increasing demand for premium quality Australian produce, ensure sustainable continuity of food supply for domestic and export markets and enhance the profitability and economic resilience of the region.
Work to develop a new Agribusiness Strategy has also progressed this month at an industry forum in Darwin. The strategy will outline the Territory’s vision for the agribusiness sector for the next decade in collaboration with key agribusiness partners.
Quotes from Minister for Mining and Industry, Nicole Manison:
“We know the investment potential of the Territory and that our mining and agribusiness sectors will deliver more jobs, significantly boost the economy and keep us on track as the Comeback Capital.”
“There are currently 20 mining projects working towards a Final Investment Decision (FID) in the Territory with a combined value of $6.2 billion and potential to create 5700 construction jobs and 3400 ongoing jobs.”
“The Territory’s agricultural sector has a significant role to play in the recovery of our economy. The potential for growth in food and fibre production in the Territory will attract private investment, create long-term, sustainable employment and diversify the Territory’s suite of exports.”