Territory Stories

Budget Paper No5 Northern Territory Economy 1998/99

Details:

Title

Budget Paper No5 Northern Territory Economy 1998/99

Other title

Tabled Paper 382

Collection

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

Date

1998-04-28

Description

Tabled by Michael Reed

Notes

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.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/295415

Citation address

https://hdl.handle.net/10070/395002

Page content

The apparent lack of growth in retail trade may reflect a possible shift in consumer spending from consumables to investments such as home purchases, encouraged by a lower interest rate environment. However, it is more than likely that overall sales being recorded by the ABS are not inclusive of new traders which have captured a large proporiton of recent retail expenditure. In 1997 Casuarina Shopping Square, the Territorys largest shopping complex, achieved the second highest national sales turnover per square metre of floor space for all Australian shopping centres in excess of 30 000 square metres; it has been ranked first in this category for the previous two years. Stage One of the redevelopment to Casuarina Square, which commenced in October 1996, was opened in November 1997 and consisted of a New Generation Woolworths supermarket, and 24 new specialty stores. Several new retail outlets in Palmerston, the Mitchell Street tourist precinct, Cullen Bay, and Coolalinga and Humpty Doo located in Darwins rural area, have added to the retail options available to consumers over the past year. Darwin Central, a mixed use development which includes All Seasons Darwin Central Hotel, opened in the city in April 1997. Despite the slightly weaker growth recorded in the year to January 1998, further retail developments are underway in both the city and northern suburbs of Darwin. These include a new Woolworths shopping complex with petrol station facilities in Nightcliff/Coconut Grove to be completed by August 1998. The Smith Street Mall upgrade, at an approximate cost of $4 million, is to be completed by May 1998. The Mall upgrade is aimed at encouraging further retail investment, and will include alfresco cafes, performance areas and an information booth. The rebuilding of the flood devastated Woolworths complex in Katherine is expected to be completed by May 1998. Stage Two extensions to Casuarina Square, consisting of 30 new stores, will gradually open over the first half of 1998. The extensions, which will increase the total retail floor space of the Centre by 34.9% to approximately 49 500 square metres, will cost $75 million. A seven cinema complex is also to be completed at the centre by the end of 1998. Factors that have influenced the decisions to expand include strong population growth, consistent growth in Territory earnings and the past strong performance of the Squares specialty retailers. FINAL CONSUMPTION EXPENDITURE Private final consumption expenditure measures current expenditure by both households and producers of private non-profit services to households, such as charities, clubs and private schools. It includes expenditure on: 74 Northern Territory Economy -1 0 1 2 3 4 5 6 7 8 92-93 93-94 94-95 95-96 96-97 97-98e Northern Territory Australia % Figure 13.2 REAL FINAL CONSUMPTION EXPENDITURE Source: ABS Cat. No. 5242.0 e: Treasury estimate


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