Business bulletin: 23 March 2023

A new report from Deloitte Access Economics (Deloitte) has revealed 4 key industries: maritime, agribusiness, minerals and oil and gas, could catalyse the Territory’s economy to exceed $40 billion by 2030-31.

The Territory Economic Reconstruction Commission (TERC) set the ambitious task of achieving a $40 billion economy. In the Final Report the TERC identified maritime, agribusiness, minerals and oil and gas industries among the greatest growth opportunities for the Territory.

The Northern Territory (NT) Government engaged Deloitte to measure the current value of these key sectors and their potential contribution to Territory’s $40 billion target.

These 4 industries contribute $7 billion in direct value added and support over 11,000 jobs in the Territory. This contribution is equivalent to 26% of the Territory’s gross state product and 8% of total employment.

John O’Mahony, Partner, Deloitte Access Economics, and principal report author said, “the NT Government has an opportunity to deliver sustainable growth—and spread resulting social benefits more widely—by maximising the downstream manufacturing and services opportunities from growing maritime, agribusiness, minerals and oil and gas services.”

In the report there are 22 priority actions identified to maximise industry growth over the period of 2030-31.

The report also identifies pathways for government to help industry overcome barriers to growth which include skill shortages, access to land and water, lack of regional connectivity, market maturity, climate change and red tape.

Importantly, the report concluded that 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. The oil and gas and minerals industries were the largest drivers of growth and the report highlighted these industries create significant economic opportunities across other industries.

Government is committed to continue to work with industry on identifying priority actions and pathways in order to maximise growth over the period to 2030-31.

Read the economic valuation of the maritime, agribusiness, minerals, oil and gas industries.

The Northern Territory (NT) Government and Darwin Major Business Group Incorporated will lead a ‘Facing North’ delegation to Canberra in August to represent the Territory’s economic interests.

Targeted at Federal Parliamentarians, senior federal officials and corporate and industry leaders, the event provides a unique opportunity for NT businesses and industry representatives to meet with key government and industry decision-makers, to further cement and position the Territory as vital to Australia’s resilience, growth and prosperity.

The main objectives of Facing North are to:

• demonstrate the business, economic and social credentials and objectives the Territory possesses to Federal Parliamentarians, Australian Government decision makers and peak industry bodies
• forge key relationships and new business contacts for the future business and economic benefit to the Territory
• demonstrate how Territory business, industry,  traditional owners and the NT Government work together to accelerate the development of the Territory
• showcase the capacity and breadth of Territory businesses and the enormous potential the Territory has to offer

Held on the 2 August, the event will feature a full-day forum including facilitated panel discussions and presentations highlighting the Territory’s strategic, economic, commercial and cultural capacity.

A formal reception and exhibition held in the Great Hall in Australian Parliament House will allow Territory businesses to network and showcase their organisation to interstate corporate, government and industry influencers.

Facing North 2023 is the fourth bi-partisan program, jointly delivered by the Darwin Major Business Group Incorporated and NT Government, to be hosted in Parliament House, Canberra.

Expressions of interest are now open for Territory businesses to attend or exhibit at Facing North 2023. To find out more, go to the Facing North website.

Territory tourism businesses can now access support to undertake projects that will improve their customer experience with applications now open for round 6 of the Visitor Experience Enhancement Program (VEEP).

Tourism businesses can apply for funding from $30,000 up to $100,000 on a co-contribution basis.

VEEP provides support to local tourism operators to enhance their product offerings and improve the on-ground visitor experience.

The grants can be used for a range of projects from infrastructure upgrades such as developing new sustainable walking trails to projects that improve safety or disability access for customers and staff, implementing new technologies to enhance tourism retail spaces, safety enhancements, or developing new products and visitor experiences.

Applicants will need to demonstrate how the project will enhance the visitor experience, increase favourable reviews from customers and increase visitor numbers, with priority given to projects that demonstrate the greatest need for visitor enhancement.

Applications for VEEP round 6 close on 14 April 2023.

Projects must be completed by 30 April 2024.

To apply, go to GrantsNT.

Caption: Winners and runners-up from the 2022 NT Training Awards.

Do you know someone who has made an outstanding contribution to vocational education and training in the Territory? If so, you can recognise their achievements and nominate them for the 2023 Northern Territory Training Awards.

Now in its 68^th year, the Northern Territory Training Awards celebrates individuals, employers and training providers for their outstanding achievement in training and the ways in which training has benefited them and their communities.

The awards offer finalists the chance to access opportunities in the industry and be part of an elite group of ambassadors who represent the Territory’s best in vocational education and training. Winners and runners-up can win up to $3,000 cash and eligible winners have the opportunity to represent the Territory at the Australian Training Awards.

There are 7 individual and 5 business categories in the 2023 Northern Territory Training Awards, they include:

Individual:

• Trainee of the Year
• Austin Asche Apprentice of the Year
• Vocational Student of the Year
• Aboriginal and Torres Strait Islander Student of the Year
• School-based Apprentice or Trainee of the Year
• VET in Schools Student of the Year
• VET Teacher/Trainer of the Year.

Business:

• Small Training Provider of the Year
• Large Training Provider of the Year
• Industry Collaboration of the Year
• Small Employer of the Year
• Large Employer of the Year.

Winners will be announced at the gala awards dinner on Saturday 2 September 2023 in Darwin.

Nominate today for the Northern Territory Training Awards.

Caption: 2023 Northern Territory AgriFutures Rural Women’s Award winner, Eileen Breen.

A passion for implementing sustainable initiatives for regional and remote businesses has seen Eileen Breen named the winner of the 2023 Northern Territory AgriFutures Rural Women’s Award.

Business Strategist, Eileen Breen’s SustainAbility project supports rural, regional and remote businesses develop sustainable initiatives and circular economy strategies. These strategies are designed to build business resilience and profitability while also contributing to positive impacts for local communities and the environment.

The AgriFutures Rural Women’s Award acknowledge the significant achievements of women from rural communities and industries by identifying, empowering and celebrating their forward thinking initiatives.

Eileen said, being involved in the awards is a fantastic opportunity to learn, grow and meet other inspiring rural women from across Australia.

“I feel honoured to have been awarded the Northern Territory (NT) winner and look forward to representing the Territory in a national setting.”

Eileen received a $15,000 grant from Westpac, which will go towards the development of her project. As the NT winner, Eileen will also go on to represent the Territory at the National AgriFutures Award which will be held in Canberra later this year.

The Rural Women’s Award is proudly supported by the NT Government in conjunction with AgriFutures Australia and Westpac.

For more information about the awards head to the AgriFutures Australia website.