Economy
The two largest economic sectors are mining and tourism. Mining and energy industry production exceeds $2.5 billion per annum. The most important mineral resources are gold, zinc and bauxite, along with manganese and many others. The energy production is mostly off shore with oil and natural gas from the Timor Sea, although there are significant uranium deposits near Darwin. Tourism employs 8% of Darwin residents, and is expected to grow as domestic and international tourists are now spending time in Darwin during the Wet and Dry seasons. Federal spending is a major contributor to the local economy as well.
The military presence that is maintained both within Darwin, and the wider Northern Territory, is a substantial source of employment. The continued involvement of the Australian Army in the stabilisation of East Timor has swelled the military population of Darwin to over 11,000 individuals as of 2001. There is also a substantial United Nations presence in Darwin, since Darwin serves as the staging center for UN workers and contractors en route to nearby East Timor.
Darwin's importance as a port is expected to grow, due to the increased exploitation of petroleum in the nearby Timor Sea, and to the completion of the railway link and continued expansion in trade with Asia.
During 2005, a number of major construction projects started in Darwin. One is the redevelopment of the Wharf Precinct, which includes a large convention and exhibition centre, apartment housing including Outrigger Pandanas and Evolution on Gardiner, retail and entertainment outlets including a large wave pool and safe swimming lagoon. The Chinatown project has also started with plans to construct multi-level carparks, Chinese-themed retail and dining outlets.
Read more about this topic: Darwin, Northern Territory
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)