Booming economy brings opportunity to the Top End

Booming economy brings opportunity to the Top EndAsian investment, free trade agreements and a plan for Northern Australia are driving economic growth and opportunities for the property industry, says the Northern Territory’s Chief Minister Adam Giles. Almost two decades of solid and sustained economic growth in the Territory has been driven largely by infrastructure and resources projects. But the Giles Government is turning its attention to other industries – defence, tourism and agribusiness among them – to drive growth and opportunities for Territorians.”Northern Australia holds two thirds of Australia’s water resources, is home to one in 23 Australians, but generates per cent of GDP,” Giles explains.”The Northern Territory is 1 years behind in terms of infrastructure. Not everyone likes this statement, but there is no doubt we are still lacking capacity in roads and bridges to connect people, business and economic opportunity.”Giles, who has been the Territory’s Chief Minister and Leader of the Country Liberal Party since March 2013, will be speaking to a packed crowd when the Property Council of Australia hosts a ‘State of the Territory’ lunch in Darwin on Friday 27 November.New free trade agreements – particularly with China – will undoubtedly open new markets and diversify the Territory’s economy, Giles says. Darwin, in particular, is strategically important, both as a business hub and defence base.Giles expects agribusiness, in particular, to bloom and with it “more roads, ports and bigger logistical service hubs”.”We will need a heck of a lot more construction activity – both residential and commercial – and this will escalate quickly as we mature,” he says.”Darwin’s economy has grown by 4.5 per cent this year, and is expected to grow by four per cent each year for the next few years.”But as Asian investors look to Darwin, we expect our growth prospects to be well beyond four per cent in the future,” he adds. “We will most certainly need partners in the property industry to capitalise on this growth.”Boosting tourism is also firmly in the Chief Minister’s sights.”Despite our proximity to Asia, we’ve never been able to attract Asian tourists. If you take Chinese tourists, for instance, we had nearly a million visit Australia last year, but just 13,000 came to the Territory – and that includes those visiting friends and relatives.”This isn’t a problem. It’s an opportunity.”The construction of a six star hotel in Darwin is a central plank in the tourism plan. “We don’t have one and every modern city needs one,” Giles says.”Getting Australian investment in a six star hotel is hard – but Asian investors are knocking on our door,” he says, adding that they are also looking at offices, apartments and casinos. “It’s all moving – and it’s moving very fast.””When I look at what is on the horizon – agribusiness, mining and resources, defence and tourism – I think the Northern Territory is the best place to be in Australia.”Join Chief Minister Adam Giles’ on Friday 27 November in Darwin as he outlines his vision on the future growth of the Northern Territory. Register online today.