Budget 2013/14 Northern Territory Economy
Tabled paper 295
Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT
Tabled by David Tollner
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.
Department of the Treasury and Finance
Prices 71 Northern Territory Economy Clothing and Footwear Clothing and footwear prices decreased by 1.0percent in 2012 driven by a decline in footwear prices. This reflects discounting by retailers given a persistently high Australian dollar and increased competition from online purchases (see Chapter 7: Retail and Wholesale Trade). Recreation and Culture After declining in 2011, recreation and culture prices were flat over 2012. Domesticholidaytravel and accommodation prices increased by 5.7percent, largely offset by lower prices for audio, visual and computing equipment, with prices falling by 16.6percent through the year. As with household appliances, utensils and tools, and clothing and footwear, these declines in prices reflect discounting by retailers who, both in the Territory and nationally, continue to experience increased competition from online retailers (see Chapter 7: Retail and Wholesale Trade). Food and Non-Alcoholic Beverages Food and non-alcoholic beverages is the second largest item in the DarwinCPI basket, after housing, and accounts for around 15percent of the basket. Food and non-alcoholicbeverage prices were fairly stable in 2012, increasing by 1.1per cent through the year to December 2012. Growth in the food and non-alcoholic beverages category was driven by rising prices for restaurant meals, takeaway and fast foods. This segment was the strongest performing retailcategory in 2012 and may reflect the inability to substitute locally provided services with imported options. The main detractor from growth was fruit prices, which decreased by 13.1percent over 2012. This primarily reflects the unwinding of steep price increases following Cyclone Yasi in 2011. Lower fruit prices over 2012 were partially offset by higher vegetable prices, which increased by 7.0percent through the year, reflecting adverse growing and weather conditions in farming regions interstate during the year. Prices in the water, soft drink and juices expenditure class, which account for around 1.0percent of the Darwin basket of goods and services, increased by 4.9percent, in part due to the cash for container scheme. Transport The transport category accounts for around one-eighth of the CPI basket. Transport and the recreation and culture category are equal third largest items in the Darwin CPI basket. Transport prices were reasonably stable, increasing by 1.3 percent in 2012, compared with 5.6percent in 2011. Growth in the transport category in 2012 was driven by higher fuel prices, which rose by 6.7percent in the Darwin CPI. Higher fuel prices were however almost entirely offset by lower motor vehicle prices which declined by 5.2percent through the year, which is likely to be due to the strong Australian dollar reducing the cost of imported motor vehicles. Annual inflation across the eightcapital cities slowed to 2.2 percent in the December quarter 2012, lower than the annual inflation rate in Darwin. Across the eight capitals, inflation was driven by price increases in housing (4.4percent), health (7.7percent), and tobacco and alcohol (3.5percent). Other Component Changes Eight Capitals CPI
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