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.
Territory in 1996-97 will predominantly occur in the private sector. While growth in private final consumption is estimated to increase by 10%, public final consumption is estimated to increase by only 3%, reflecting the Northern Territory Governments prudent budget management targets and Commonwealth Budget restraint. Compared to the national average, Territory consumers and businesses spend relatively more on food and alcohol, and relatively less on rent and health services. This is indicative of both the higher cost of freighting most lines of food products into the Territory and the Territory Governments levy based on alcohol content, while the relatively young age profile of the Territory population reduces health expenditure. New Motor Vehicle Registrations The number of new motor vehicle registrations in the Territory decreased by 7.3% in the twelve months to February 1997, while nationally there was a 2.0% increase over the same period. The decline in new motor vehicle registrations in the Territory follows four consecutive years of double digit growth, and is attributable to fewer private and rental car registrations. In the Territory, registrations of motor vehicles by the public sector accounts for a large proportion of total registrations (at an average of 19.3% over 1995 and 1996). Rental car companies also have a substantial influence on total registrations (accounting for approximately 7.3% of total registrations over 1995 and 1996), particularly at the start of the Dry Season as stocks of vehicles are built up in anticipation of increased levels of tourist activity between May and September. Personal Finance Personal finance commitments are defined as secured and unsecured credit facilities (including credit cards) provided to individuals to purchase goods and services including new or used motor vehicles, residential blocks of land, household goods and holidays. During 1996, new personal finance commitments rose 11.7% in the Territory, compared to an increase of 7.8% nationally. This is the fourth consecutive year in which Territory personal finance levels have shown double digit growth. Commitment categories which showed a significant increase in the Territory include boats, caravans and trailers (up 45.0%), refinancing (up 34.7%) and alterations and additions to dwellings (up 26.9%). Continued competition amongst credit providers has resulted in an increasing number of financial products becoming available in the market place, such as store credit cards, credit facilities provided by car manufacturers, and credit facilities offered through educational institutions which attract certain concessions. Other developments include aggressive marketing campaigns aimed at inducing consumer loyalty (such as reward schemes Wholesale and Retail Trade 78
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