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 growth rates illustrated in Figure 7.1 have been calculated in local currencies for each jurisdiction. The growth rates shown for A SEA N and E ast A s ia are w e ig h ted according to the relative economic size o f the constituent countries. How ever, w hen m easu red in a com m on currency, such as Australian dollars, there are also movements in relative exchange rates to be taken into account. Due to the general decline in the value o f the Australian dollar over the past 10 years, a number o f Asian economies are measured to have performed even better than Figure 7.1 suggests. This is highlighted in Table 7.1. Particularly impressive has been the change in the relative size o f Japan, East Asia, and ASEAN, especially Singapore and Thailand, compared to A ustralias own size. Growth in the region has already seen it attract an increasingly large share o f Australian trade, currently accounting for 58% of Australian exports worth around $A35 billion in 1992/93. Yet these goods comprised only 3% of the imports to these countries. To some extent this reflects the much larger trade sectors relative to GDP in a number o f these countries. For example, while Australian exports are equivalent to around 15% o f GDP, worth some $A61 billion in 1992/93, imports accounted for over 50% o f ASEAN GDP in 1992, worth some $A240 billion. Imports by the Asian region have been rising by around 15 to 20% per annum for the past 10 years, and this growth shows no early signs o f abating, especially in the more dynamic economies. The Northern Territory has benefited from its role as a supplier o f services to the ASEAN region. Service exports located onshore include education and tourism (recorded as exports because the services are sold to non-residents). However, the Northern Territory is also taking a leading role for Australia in providing services directly in the region, such as television broadcasting, computer software development and education. Not only is the absolute size o f the economies important for Australian trade, but also the individual wealth o f consumers within these economies. With economic growth has come rising living standards and per capita incomes (see Table 7.2). Japan and Hong Kong, both 3 8 Table 7.1 Asian GDP Relative to Australia Australia = 100 1984 1993 Japan 696 1 494 South Korea 50 111 Taiwan 33 77 Hong Kong 18 39 East A sia 101 227 China 165 181 Singapore 10 18 T hailand 23 40 Indonesia 48 51 Philippines 17 19 M alaysia 19 23 Brunei n.a. n.a. ASEAN* 117 151 *Excludes Brunei Source: ABS Cat. No. 5206.0, NT Treasury, IMF; Yamaichi Research Institute

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