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.
Wholesale and Retail Trade Contributing to the growth in Territory retail turnover was a relatively healthy employment climate, increased tourist numbers, and sustained consumer confidence. Over the same period, national retail turnover increased by 3.5% (to $98.8 billion) with growth occurring across a wide spectrum of categories including pharmacies, furniture stores, electrical goods stores, clothing stores and grocers. New Motor Vehicle Registrations The number o f new motor vehicles registered in the Territory increased by 11.3% in the twelve months to January 1994. Nationally an increase o f 2.2% was recorded. The growth in the Territory follows an increase o f 15.4% in the twelve months to January 1993 during which the Territorys economy strengthened in line with Queensland and Western Australia. Personal Finance Personal finance commitments relate to credit finance (including credit cards), secured and unsecured, raised to purchase goods and services like motor vehicles and holidays. In the twelve months to December 1993, new personal finance commitments rose 18.1% in the Territory and 7.8% nationally. Commitment categories which showed a significant increase in the Territory include the value o f new motor cars and vehicles (up 17.4%), the value o f used motor cars and vehicles (up 32.5%) and refinancing (up 55.6%). Nearly one third o f all personal finance commitments for calendar year 1993 involved the refinancing o f outstanding loans partly to take advantage o f the current low interest rate environment. The strong rise in household credit finance in part reflects increasing competition between lending institutions. Recent innovations within the industry include effectively providing home owners with overdraft facilities, secured against their home at the prevailing home loan mortgage rate. This is relatively cheap finance and has spurred growth in credit commitments and consumer spending over the past twelve months. Final Consumption Expenditure Final consumption expenditure includes expenditure on items such as food, clothing, medical care, motor vehicles and recreational services, and accounts for some 85% o f Territory GSP compared to approximately 80% for the national economy. Territory total final consumption expenditure, shown in Figure 13.2, is estimated to have increased during 1993/94 by 2.7% in