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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Housing and Construction Figure 11.1 Northern Territory Residential Building I Approved I Commenced I Completed 87/88 88/89 89/90 90/91 91/92 92/93 93/94 * Source: ABS Cat. No. 8731.0. 8752.0, 8752.0 * N T Treasury estimate Housing finance commitments for the construction o f Other Dwellings (ie. townhouses, duplexes and apartment buildings) increased 89% (to 34), while finance for the purchase o f established Other Dwellings increased 76% (to 332). Since 1990, the Territory has experienced strong growth in the number and value o f residential building approvals. For the twelve months to January 1994, the number and value o f residential building approvals for the Territory increased 17.1% and 27.9%, respectively, compared to national increases o f 8.4% and 9.7%. In the Territory, the number and value o f approvals classified under the Houses category increased 24.7% (to 1 135) and 29.3% (to $113 million), respectively, for the twelve months ending January 1994. For the Other Residential category, approvals increased in number by 2.3% (to 485) and value by 24.2% (to $39 million). Data for the four months to January 1994 showed a distinct reduction in approvals suggesting a return to more modest growth rates through 1994/95. However, December quarter data may have been affected by building application timing decisions in light o f the new system of private sector certification introduced in September 1993. From this date building approvals 64

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