Territory Stories

Budget Paper 1994-95 No.6 Northern Territory Economy



Budget Paper 1994-95 No.6 Northern Territory Economy

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Tabled Paper 2156


Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT




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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Business Conditions Figure 5.1 shows a slow improvement in vacancy rates evident since m id-1992. As at November 1993, gross lettable area in the Territory expanded 2.4% over November 1992. Darwin CBD and Katherine recorded little change over the previous year while growth occurred in Alice Springs (up 9.3%) and Casuarina (up 19.1%). The Darwin CBD accounts for 71% o f gross lettable area in the Territory, followed by Alice Springs (11%), Casuarina (7%), Katherine (5%), Palmerston (4%) and Darwin suburbs (2%). Business Registrations Data on the registration o f new business names are compiled by the Northern Territory Office o f Business Affairs. Growth in the registration o f business names is generally associated with periods of increasing economic activity, improving business confidence and an expectation that demand will remain buoyant for some time. From July 1993 to January 1994, the number o f new business names registered in the Territory increased by 2108 compared to 2902 for the whole o f 1992/93. Business Finance Commercial and lease finance includes the majority o f finance commitments entered in to by b u s in e ss to fa c i l i ta te the acquisition o f goods and capital items and to sm oo th cash flow f lu c tu a tio n s . Financing allows the orderly planning o f in v es tm en t d ec is io n s and a ss is ts in optimising the return from short term cash surpluses while minimising the costs to business o f uncertain or periodic income flow s. Dem and for business finance d ep en d s to a s ig n if ic a n t e x te n t on p reva iling and an tic ipa ted econom ic conditions and business confidence. Figure 5.2 shows growth in commercial finance (new fixed loans less refinancing plus new and increased credit) in the Territory and nationally. Following a sharp decline in dem and for finance th ro u g h 1988/89 in re sp o n se to 2 8 Figure 5.2 Commercial Finance (annual change) % Source: ABS Cat. No. 5643.0