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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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

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