Budget Paper No.6 1997/98 Northern Territory Economy
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.
of GSP at factor cost in 1994-95. This is the same as Western Australia and only slightly higher than Queensland (at 36%) and Australia (at 38%). Another measure of an economy is that of openness or exposure to the world economy. This can be measured by the ratio of international exports to GSP. In 1995-96 this ratio was 26% for the Territory, compared with 37% for Western Australia, 18% for Queensland and 15% for the Australian average. This indicates that the Territory economy is relatively more exposed to the world economy than the national economy, although not to the same extent as Western Australia. Two growth sectors of the Territory economy are tourism and live cattle exports. Tourist activity in the Territory has been increasing each year with annual visitor numbers exceeding one million people every year since 1994-95. The flow-on effects of tourism in the economy are substantial and it is now perhaps the most significant contributor to the Territorys economic wellbeing. Live cattle exports are driven by strong demand from Asian markets, in particular Malaysia and Indonesia. In 1996 live cattle exports through the Port of Darwin grew 30% to 383 535 head and are expected to reach 426 000 in 1997. By removing the influences of trade and changes in stocks from GSP, a measure of the Territory on shore economy can be determined. This is referred to as State Final Demand and is comprised 0 1 2 3 4 5 6 7 90-91 91-92 92-93 93-94 94-95 95-96 96-97* 97-98# 98-99# 99-00# 00-01# Public Capital Private Capital Public Consumption Private Consumption Source: ABS Cat. No. 5242.0 * NT Treasury estimate, # forecast $B Real Final Demand (1989-90 dollars) Figure 2.4 Economic Growth 10
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