Budget Paper 1994-95 No.6 Northern Territory Economy
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.
Regional Economic Environment The Northern Territory is adjacent to the most dynamic economic region in the world. Our nearest foreign neighbours, the Association o f South East Asian Nations (ASEAN), currently have a combined GDP in excess o f $A630 billion, some 50% larger than that o f Australia. A little further afield, Hong Kong, South Korea and Taiwan had combined GDP worth some $A950 billion in 1993, while GDP in China and Japan totalled $A750 billion and $A6 255 billion, respectively. By contrast, Australias GDP was just under $A420 billion in 1993. Figure 7.1 illustrates real economic growth rates in the region, on an annual average basis over the ten years since 1983. W hile Australia, the Northern Territory and Japan sustained growth o f around 3 to 4% per annum, the ASEAN economies grew by over 6%; South Korea, Taiwan and Hong Kong (collectively referred to here as East Asia for convenience) grew by an average 8% per annum; and China by nearly 10% a year. A SEA N s economic performance would have been even more impressive, had it not been for the relatively lacklustre levels o f economic activity in the Philippines. Figure 7.1 12 Real Growth Rates since 1983 (per cent per annum ) Australia NT Japan ASEAN "East Asia"* China Source: ABS Cat. No. 5206.0, 5242.0; NT Treasury; IMF; Yamaichi Research Institute * South Korea, Taiwan, Hong Kong 3 7