The Australian economy has gone through several phases over the past year, and to a large extent it is still in the Northern Territory where things are all happening. Let’s take a snapshot look at Darwin, where several exciting developments have taken place over the past couple of years, and the march of progress continues.
For starters, the INPEX gas project site in Darwin remains a key development, and is one of Japan’s largest ever overseas investments. INPEX is Japan's biggest oil and gas exploration and production company. Five Dutch dredges, the largest in the world, dredged the harbour up for this development – and an extension of the Land Lease Agreements for the INPEX project points to even further expansion.
Meanwhile, new investments from China are leading to massively improved port facilities in Darwin. A A$25 million development is geared to meet future increases in cargo volumes in the areas of dry bulk exports, liquid bulk imports, live cattle and container and general cargo. The Chinese company involved in Darwin's Port has announced plans for a huge expansion of its operations, including a one-kilometre extension of its quay line. It also means an expansion of cruise ships facilities at Fort Hill Wharf, which in turn will give a boost to the NT’s important tourism industry: more than 80 cruise ship arrivals are scheduled in Darwin through 2017.
Another tourism boost came with the announcement earlier this year of a new six-star hotel to be built at the Darwin Waterfront, which will be operated by Westin Hotels & Resorts, the largest upscale hotel brand of the internationally recognised Starwood Hotels and Resorts group. Construction is expected to commence in the second half of 2017.
Darwin’s growth has meant big business for the local construction industry: both house and land and prices, as well as rents, increased with a continuing demand for somewhere to call home. Major roadworks have been carried out around the city also; and the NT’s newest hospital, the Palmerston Regional Hospital, is set to provide state of the art healthcare to Territorians.
All in all, it seems that the Northern Territory’s economic vitality is assured for the long-term future
Prepared by Bob Woodward & Associates: offering business consultancy, accounting, payroll administration and ancillary services in Darwin, the capital of Australia’s Northern Territory.