Territory Stories

Budget 2013/14 Northern Territory Economy

Details:

Title

Budget 2013/14 Northern Territory Economy

Other title

Tabled paper 295

Collection

Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT

Date

2013-05-14

Description

Tabled by David Tollner

Notes

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.

Language

English

Subject

Tabled papers

Publisher name

Department of the Treasury and Finance

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00866

Parent handle

https://hdl.handle.net/10070/273751

Citation address

https://hdl.handle.net/10070/426369

Page content

Tourism 171 Northern Territory Economy markets (seeChapter 3: External Economic Environment) and a high Australian dollar relative to a number of key currencies. From 2014 onward, stabilisation and modest levels of economic growth in the euro area may see some recovery in visitor numbers from key source markets including the UK and Germany. There is potential for growth from nontraditional markets in Asia, particularly China. Economic growth in China is expected to stabilise at 8.5percent from 2014 onward, a level well above that of more traditional source markets. Increased affluence among the Chinese population is likely to support continued growth in visitor numbers, nonetheless, current visitation from China is low. Reduced airfares between the US and Australia due to greater competition between airlines and a more positive outlook for the US economy are likely to continue to support recent strength in the number of visitors arriving in the Territory from the US. Philippine Airlines has also announced the commencement of direct flights between Manila and Darwin. While new routes create opportunities to grow visitor numbers from Asian countries, these may also encourage Territorians to holiday overseas rather than within Australia. In January2013, the Japanese Government announced a new round of stimulus measures that are designed to strengthen the economy and increase employment growth (see Chapter 3: External Economic Environment). Growth may encourage more Japanese holiday makers to travel internationally, which could lead to increased visitation to the Territory. However, since the Japanese Government announced its stimulus measures the yen has depreciated considerably compared with a range of currencies, including the Australian dollar, which has increased the cost of visiting the Territory and may negatively impact on visitor arrivals from Japan. TheIchthys project is expected to employ a number of workers from Japan in the coming years, which may make a contribution to overall Japanese visitor arrivals to the Territory. Domestic visitor arrivals to the Territory are expected to continue to increase in coming years driven by shortstay interstate visitors. The key group within this segment is expected to be visitors travelling for business and employment, which is expected to increase substantially between 2013 and 2016 with the progression of a number of major projects, particularly development of the Ichthys project. Furthermore, the large flyin flyout workforce associated with this project, other people drawn to the Territory by the strengthening employment market, and increased numbers of US Marines rotating through Darwin may present a potential market for Territory tourism operators. Among other Australian holiday makers, the high Australian dollar is expected to continue to encourage people to holiday overseas rather than domestically. The slowing national economy (see Chapter 3: External Economic Environment) and modest employment growth in the shortterm are also likely to suppress the number of domestic holiday visitors to Domestic Outlook


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