The Territory’s economy is now growing stronger and independent analyst Access Economics predicts the Territory will have Australia’s highest average annual Gross State Product growth over the next five years, along with the highest annual job growth rate. Our population is forecast to grow at the second-highest rate in the country and our construction industry is thriving.

These successes are underpinned by achievements like the AustralAsia Railway and Trade Route, the development of Timor Sea oil and gas and associated industries, the expansion of Alcan Gove, and the Darwin waterfront redevelopment.

Now it is time to look to the future. We need to determine where we want to be economically in 10 years time. We need to plan the path we will take. And we need to ensure that all Territorians are able to benefit from our economic development.

The Northern Territory Government wants to work with all Territorians throughout the Territory to help map the way ahead. We will do this through an Economic Development Framework.

The Framework has three main stages:

• Engage all Territorians in discussions through regional forums being held between 3 November to 16 November 2005 and an on-line submission forum.
• Bring business and industry leaders together at the 2015: Moving the Territory Ahead, Economic Development Summit – 22 November to 24 November 2005
• Create a framework to guide sustainable growth over the coming decade – due for release in early 2006.

Discussion will be wide-ranging, but will cover five principal themes:

• Creating an attractive business environment
• Promoting investment
• Expanding markets
• Developing business and industry capacity and capability
• Building and retaining a skilled and productive labour force.