On a mission to contribute to a more resilient economy for the Hunter Region, Port of Newcastle is pursuing an ambitious diversification strategy that will broaden the mix of cargo it handles and reduce its reliance on any one cargo.
It’s no secret that exporting coal provides significant economic benefits and direct and indirect employment for many people across the Hunter. Global demand for the region’s high-quality thermal coal remains, however there is recognition that this will not continue forever. The Port wants to develop new forms of trade in order to ensure the region’s long-term prosperity.
The task today is to ensure economic continuity. As an engine room of economic activity and employment, Newcastle’s working harbour has a critical role to play in providing accessible, efficient and cost-effective supply chains that underpin local jobs, local businesses and the region’s economic prosperity. Port of Newcastle has an eye on tomorrow, recognising that port projects started today will help underpin economic prosperity for many decades to come.
An uncontained future for the Hunter would see it free from being dependant on a few key commodities and industries. The region would have several significant growth industries that could sustain the economy for the decades ahead. This is Port of Newcastle’s vision and a driving force of its diversification strategy.
Newcastle’s container terminal - the Multi-purpose Deepwater Terminal (MDT) - is a key piece of the puzzle.
The MDT is a $1.8 billion project that will help drive the diversification of the Hunter economy as well as create and sustain jobs for generations to come. The container terminal in Newcastle will contribute $2.5 billion in economic activity across Australia, generate over 15,000 direct and indirect jobs across the country and inject $1.3 billion to the Lower Hunter.
For the foreseeable future, there are no other developments in the Hunter Region with the same level of scope or potential to generate such significant economic growth.
Read more about the economic benefits of this major project.
Other Major initiatives that will underpin the Port’s diversification strategy include:
Australian freight is predicted to double over the next 20 years and beyond. Port of Newcastle is committed to leveraging this growth for the benefit of the Hunter Region and NSW, now and in the future.