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 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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