In April, Australia held its second Ministerial Forum on Northern Development to continue firming plans to create new commercial and private opportunities in Northern Australia. Since it’s inception in 2016, the initiative has accomplished 34 of its 51 commitments outlined in the “Developing Northern Australia White Paper.”
“Our $700 million Northern Australia Roads Program and Beef Roads projects are now rolling out,” said Northern Australia Minister Matt Canavan in a official Australian government release.
The plan also targets increased jobs and fortification of indigenous business support mechanisms as well as technological innovation. Despite its sparse population, Northern Australia is a key region for the nation, it supplies 12 percent of the nation’s Gross Domestic Product (GDP). Northern Australia supplies five of Australia’s top ten largest exports which include coal, iron ore, and natural gas, according to 2016 statistics from Australia’s Department of Foreign Affairs and Trade.
Like the United Kingdom, many developed nations are turning inward to find new ways to become self-sufficient and better exploit their own resources. This turn will help stem the need for greater imports.