The Northern Territory 2024-25 budget has reinforced the Northern Territory’s economic reliance on the minerals sector.
In 2022-23, the resources industry accounted for 28 per cent of the Territory’s output making it the largest contributor to economic production.
There was a small reduction in royalties due to closures and the impacts of Cyclone Megan but the mining industry is well placed to continue its leading contribution to the economy in the future if government delivers on policies to secure new investments.
With a number of NT mines set to hit their end of life by the end of this decade the NT economy will face a drop in royalties if there are no new mining projects to take their place.
The Minerals Council of Australia welcomes the ongoing investment in exploration through the $9.5 million commitment to the NT Geological Services’ Resourcing the Territory program. However more work needs to be done to convert these discoveries into operating projects that can provide the benefits of jobs and investment for Territorians.
The MCA also welcomes the investment in workforce development – especially vocational education and training. The NT needs to increase the capability and capacity of local workforce to meet demands of any future projects.
Infrastructure is vital for ensuring continuous supply chain in a jurisdiction. The investment in road infrastructure to open mining regions and transport hubs will contribute to the viability of NT minerals projects.
