Territory Stories

Budget Paper No.6 1997/98 Northern Territory Economy



Budget Paper No.6 1997/98 Northern Territory Economy

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Tabled Paper 3223


Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT




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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materials, machinery and equipment from interstate. This is reflected in the State Accounts by an increase in the negative balancing item, resulting in a dampening of real GSP growth to 1.9%. The very substantial increase in capital expenditure in 1995-96 has already had an impact on the income generating capacity of the Territory economy which will continue for many years. A more meaningful indicator of economic growth in 1995-96 is to look at the trend from very high growth of 8.6% in 1994-95 down to a more sustainable 5.0% in 1996-97. It is also worth noting that the balancing item, which comprises changes in stocks, interstate trade, international trade in services and the statistical discrepancy, is calculated as a residual and is subject to significant revision. Estimating the balancing item in constant prices presents particular problems for the Australian Bureau of Statistics (ABS). As a result ABS classify constant price GSP estimates as experimental while State Final Demand estimates do not carry this reservation. Figure 2.1 shows GSP since 1990-91. The results for 1990-91 and 1991-92 are artificially inflated by increases in oil prices caused by the Gulf War and do not reflect activity in the on shore economy. With the decline in oil prices at the end of the Gulf War, Territory GSP returned to more realistic levels. 0 4 8 12 16 Mining Construction Retail trade Government administration and defence Property and business services Health and community services Transport and storage Manufacturing Ownership of dwellings Education Agriculture, forestry, fishing Wholesale trade Accommodation, cafes and restaurants Communication Cultural and recreational services Finance and insurance Personal and other services Electricity, gas and water General Government Per cent of GSP/GDP Northern Territory Australia Source: ABS Cat. No. 5220.0, 1994-95 Gross State Product by IndustryFigure 2.2 Economic Growth 8

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