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NT INPEX officially winding up...

Discussion in 'Where to Buy' started by hammer, 5th Sep, 2016.

  1. hammer

    hammer Well-Known Member

    Joined:
    28th Aug, 2015
    Posts:
    407
    Location:
    Darwin
    FINALLY!!!!

    Construction of Inpex gas project to wind down

    This project has been hanging over Darwin like a bad smell. It's been great as it has provided thousands of jobs, but it caused property here to go mental, then drop like a stone.

    Hopefully now we can get back to normality...and I can go shopping! :cool:
     
  2. lightbulbmoment

    lightbulbmoment Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    279
    Location:
    nsw
    Got the call up today to go up there with for electrician won't be finished any time soon.
     
  3. C-mac

    C-mac Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    789
    Location:
    Sydney
    Naive question here if you don't mind. Darwin is a market I know very little about but also I do not follow at all, so forgive me but...

    ... in a city with a (2015) population of just over 145,000, do you think the exit of a major employer like INPEX (which employs over 2000 people according to wikipedia, though not sure how many of those in Darwin specifically) will result in an unemployment uptick?
     
  4. hammer

    hammer Well-Known Member

    Joined:
    28th Aug, 2015
    Posts:
    407
    Location:
    Darwin
    Kinda, maybe. I had the same thought and it was discussed here.
    Warning on Darwin

    Darwin is a strange Market. It is so transient that when people lose a job, they often just simply go somewhere else. They don't generally hang around like in other Markets, so the unemployment tends to stay low.

    However the end of Inpex is huge. It employs 8000 people, not 2000, most of whom are transient. But Indirectly it employs another few thousand people - bus drivers, cleaners, restaurants, mechanics etc, etc.

    It is likely that rather than the unemployment go up, thousands of people will leave town.
    Rather than an unemploment uptick, it should (at least in theory) come in the form of a massive vacancy rate uptick.