The five growth sectors currently make a significant contribution to economic activity and employment in the Northern Territory, but there are several other industries that present significant growth and development opportunities that will contribute to diversifying the economy and creating jobs across the Territory. These sectors tend to be smaller than the main growth sector industries and are at different stages of development in terms of industry organisation, innovative capability and community awareness.
The commodity industries we rely on go through cycles, and variables such as exchange rates and changing market access arrangements introduce unpredictability for these sectors from year to year. Hence it is important to diversify the Northern Territory economy into areas where there are emerging foundations we can build upon – sectors that may create job opportunities for Territorians in a range of businesses and locations.
Targeted support by government may see these sectors grow in a sustainable way in regional or remote areas that might not otherwise occur.