The Northern Territory’s economy continues to rely heavily on the minerals sector, as highlighted in the 2024-25 budget.
According to the Minerals Council of Australia (MCA) NT Executive Director, Cathryn Tilmouth, the resources industry accounted for 28 per cent of the Territory’s output in 2022-23, making it the largest contributor to economic production.
Despite a slight reduction in royalties due to mine closures and the impacts of Cyclone Megan, the mining industry is positioned to maintain its leading contribution to the economy in the future, provided the government delivers on policies to secure new investments.
As several NT mines are expected to reach the end of their operational life by the end of the decade, the NT economy may face a decline in royalties unless new mining projects are developed.
The MCA welcomes the NT government’s $9.5 million commitment to the NT Geological Services’ Resourcing the Territory program, which aims to boost exploration.
However, Tilmouth emphasised that more efforts are needed to convert these exploration discoveries into operational projects that can generate jobs and investment for Territorians.
Furthermore, Tilmouth praised the investment in workforce development, particularly in vocational education and training.
She stressed the importance of increasing the capability and capacity of the local workforce to meet the demands of potential future mining projects.
Infrastructure development is also crucial for ensuring a continuous supply chain in the jurisdiction.
Tilmouth highlighted that the investment in road infrastructure to open up mining regions and transport hubs will contribute significantly to the viability of NT minerals projects.
