Territory Stories

Budget Paper No5 Northern Territory Economy 1998/99



Budget Paper No5 Northern Territory Economy 1998/99

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Tabled Paper 382


Tabled papers for 8th Assembly 1997 - 2001; Tabled papers; ParliamentNT




Tabled by Michael Reed


Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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very volatile due to the small number of businesses. BUSINESS CONDITIONS OUTLOOK The outlook for business conditions in the Territory is mixed. The completion of several retai l and accommodation developments reflect the highest population growth of any jurisdiction. The increased defence force presence in the Top End. As well as the Darwin to Adelaide railway and a possible LNG plant, will provide a continued impetus to economic activity. This will be tempered by declining live cattle exports to South East Asia, slower growth in tourism and a possible decline in mineral commodity prices. The Yellow Pages Small Business Index tracks confidence and behaviour in small businesses. Small businesses are defined as those employing 19 persons or fewer. The Small Business Index for February 1998 indicates that small business owners in the Territory have a higher level confidence in the prospects of their own business for the next twelve months than any other jurisdiction. Consequently, Territory businesses have the strongest expectations regarding future sales and profits. This is despite a slight fall in confidence in the last quarter of 1997. Nationally, steady economic growth is expected to continue. Increased domestic consumption, combined with a decrease in export earnings to East Asian countries, is likely to feed in to a worsening current account deficit. The Commonwealth Government has indicated that public spending will continue to be restrained, despite the likelihood of 1998 being an election year. Interest rates and inflation should remain low, with the outside possibility of a further cut in official rates. This will encourage private investment and offset, to some extent, the contractionary effects of reduced Government expenditure. 35 Business Conditions 0.0 0.5 1.0 1.5 2.0 2.5 NT Vic NSW WA SA Qld ACT Tas Aust Figure 7.2 BANKRUPTCIES (per 1 000 population - 1997) Source: Insolvency and Trustee Service Australia

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