Economic Valuation of the Maritime, Agribusiness, Minerals, and Oil and Gas Industries

Deloitte Access Economics was engaged to assess the current contribution of the maritime, maritime, agribusiness, minerals, and oil and gas industries to the Northern Territory economy and the priority actions needed to contribute to the vision of a $40 billion economy by 2030.

This is an ambitious vision for an economy that is not only $40 billion in size, but also more diverse and sustainable, with more jobs and a larger population. Achieving this vision requires reaching for bold new economic opportunities, while also overcoming a range of long-standing challenges facing the Northern Territory.

In 2019-20, these four industries contributed $7.0 billion in direct value added and supported over 11,000 jobs.

The NT has what it takes to become a thriving economy: world-class mineral deposits, prospective gas reserves, a strong agricultural sector, emerging information technology capabilities and strategic advantages as a location for trade and defence.

But there are headwinds that may constrain future economic development, including a relatively small population and a narrow economic base, in addition to short-term challenges from high inflation and rising interest rates.If the NT Government and industries can overcome barriers to growth and capitalise on significant development opportunities, the NT economy could grow to $40.5 billion and generate over 168,000 jobs by 2030-31.

Importantly, the maritime, agribusiness, minerals, and oil and gas industries will not grow in isolation. Approximately half of the estimated growth in the NT economy is estimated to be contributed through sectoral spillovers—efficiency gains in the upstream and downstream industries dependent upon the maritime, agribusiness, minerals and oil and gas industries.