Budget 2007-2008 Northern Territory Economic Overview
Tabled paper 865
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
Tabled By Sydney Stirling
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.
Economy Overview Retail and Wholesale Trade Retail trade and wholesale trade accounted for 6.1 per cent of Northern Territory GSP and 15.9 per cent of resident employment in 2005-06. Territory retail turnover in 2006-07 is expected to exceed the national average and is estimated to grow by a strong 7.5 per cent. The commodity boom, strong construction activity and record low unemployment are expected to maintain consumer confidence at high levels and drive consumer spending, particularly discretionary spending. Territory retail turnover growth is expected to moderate in 2007-08 to 2.0 per cent, largely due to the unsustainable cumulative growth from June 2006, and to a lesser extent the lag effect of the interest rate increases during 2006, although turnover is expected to remain at record levels. In the March quarter 2007, Territory consumers were the second most confident in the nation, with 61 per cent feeling confident about their financial prospects for the year ahead. 0 10 20 30 40 50 60 70 ACT NT SA NSW WA Vic Qld Tas %Consumer Sentiment, (feeling confident) Source: Sensis Consumer Report, March quarter 2007