North Australia Digest – 3/10/123 October 2012
We’d love to know what you think about today’s major stories that impact North Australia:
The Australian Financial Review
The Reserve Bank’s view that the resources boom will peak by mid-2013 has influenced the decision to cut interest rates by 0.25 of a percentage point. The RBA’s downbeat outlook on mining projects suggest it now expects the resources investment boom to peak six months earlier than previously forecast.
Former Prime Minister Kevin Rudd has supported Ross Garnaut’s warning of a substantial economic downturn in Australia, on the back of slower growth in China.
A West Australian Senate Committee into the cause of power price rises has heard that state governments should encourage competition in the energy market immediately.
Chevron’s liquefied natural gas expansion plans in Western Australia could lead to seven or eight LNG trains running between its Gorgon and Wheatstone ventures by the early 2020s, according to Citigroup predictions. The analysts noted Chevron plans to drill another eight exploration wells off north-west Australia by the end of 2013
Reserve Bank of Australia’s rate cut yesterday indicates the slowdown in China will lead to an end of the mining boom by mid next year.
Speaking in Adelaide last night, former Prime Minister John Howard backed the decision to train 2500 US Marines in Darwin. In the inaugural Sir John Downer speech at Adelaide University, Mr Howard also came out in strong support of foreign investment, saying “we should welcome Chinese investment in Australia, just as in the past we welcomed British, American and Japanese investment.”
Australia should be less paranoid about importing labour to deal with skills shortages and the two speed economy, according to recruitment specialists. Andrew Banks, Chairman of Talent 2, said areas of shortages such as in the mining sector should be eased through specialised immigration, as was done in Norway during the 1970s.
Capital city housing values increased 2 per cent in the September quarter. Darwin showed the strongest growth, with values rising 3.9 per cent over the three months to September 30.
The West Australian
Perth Airport may charge mining companies more to fly in peak morning times in an effort to cut the congestion that is being caused by fly-in fly-out workers. Delays at the airport have become one of the biggest headaches for business in the State, prompting a widespread review of the airfield’s short and long-term options to alleviate congestion.
The NT News
The Mills Government is looking to establish a strong live export trade to Vietnam. The move is an effort to establish a strong secondary market, with Indonesian exports not recovering from last year’s Federal Government ban.
Feel free to leave us a comment on any of the above stories – we’d love to know what you think.