Budget Paper 1994-95 No.6 Northern Territory Economy
Tabled Paper 2156
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
1994-05-12
Tabled by Barry Coulter
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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https://www.legislation.gov.au/Details/C2021C00044
https://hdl.handle.net/10070/292876
https://hdl.handle.net/10070/398240
The Reserve Bank of Australia report that principal cost based inflation pressures are derived from import prices due to the depreciation o f the Australian dollar over the past two years. However, the recession together with an increasingly open and competitive economy were influential in preventing these costs being passed on in full. Commonwealth Treasury forecast the national inflation rate will rise to 2.5% in 1994/95, and 3% in 1995/96. Factors supporting these modest inflation rates include relatively high unemployment keeping wage increases in check, enhanced efficiency, flexibility and competition in key sectors flowing from micro-economic reforms, progressive adoption o f productivity based wage agreements, and a possible strengthening o f the Australian dollar in line with improving international commodity prices. Inflation outcomes for the Territory will be determined largely at the national level. However, in line with recent experience and the continued strength o f the Territory economy, it can be anticipated that the Territory inflation rate will continue to run marginally ahead o f the national rate. _________________________________________________________________Prices and Wages 2 5