State of Markets - NT July 2012

Fast Figures

• $3 million – value of the investment agreement between the INPEX gas project and Charles Darwin University
• $6.7 million – amount to be spent on repairs and maintenance across the entire road network of Barkly, NT

Darwin to be ‘oil and gas capital’

Darwin is set to become the ‘oil and gas capital of northern Australia’, following the announcement of new investment in the region, according to the NT chief minister.

A $3 million investment agreement between INPEX’s Ichthys LNG Project and Charles Darwin University pledges multi-million dollar training for NT students in the fields of oil and gas and represents confidence both in employment and continued economic growth, according to Chief Minister Paul Henderson.

“We are about to go through a period of economic growth that will bring opportunities for high-wage, high-skill jobs for Territorians,” Mr Henderson said.

$12m infrastructure boost for Barkly

The Northern Territory’s Barkly region is set to receive $12 million in infrastructure funding, having been pinpointed by the government for assistance with growth.

The funding boost from the 2012 Budget comes under the ‘Growing the Territory’ initiative and is in response to the area’s becoming an important traffic route, according to Member for Barkly, Gerry McCarthy.

“Barkly roads are important traffic routes for our trucking industry, local families and tourists and the Territory Government’s significant investment will be spent improving flood immunity, safety and general conditions for Barkly road users,” Mr McCarthy said.

The funding includes $170,000 for improved drainage along the Stuart Highway near Elliott, and $6.74 million of repairs and maintenance across the entire road network of Barkly.

An additional $3.4 million of maintenance will also be dedicated to the region to help fuel growth, Mr McCarthy said.

Sixty-six per cent of survey respondents, however, were found to be more supportive of the fringe growth of freestanding homes with larger blocks.

Recently, the state government has relaxed zoning and height restriction laws in the CBD under the interim Development Plan Amendment for Adelaide’s CBD.