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

Prices 77 Northern Territory Economy sewerage (to 15percent) in 2013, with further (5percent) increases in electricity, water and sewerage in 2014 and 2015. These revised increases in utilities prices are now expected to reduce the impact from 1.1percentage points to 0.8percentage points on the Darwin CPI in 2013. Higher consumer prices in 2013 are also expected to result in part from higher aggregate demand driven by major projects, such as the development of the Ichthys project, and other projects including the MarineSupply Base and the Darwin Correctional Precinct (see Chapter11:Construction). Inflationary pressures are primarily expected to impact the housing category and increased demand for consumer goods as a result of greater population, employment and wages growth. However, these pressures are expected to be partly offset by the discontinuation of the Territory Governments My New Home and HOMESTART EXTRA products. Growth in the Darwin CPI is forecast to slow to 3.5per cent in 2014. Activity related to major projects is expected to continue to exert upward pressure on inflation in 2014 as the build-up of construction projects workforces place upward pressure on the costs of labour and construction materials, and on consumer demand. However, overall inflation (including the impact of utilities price increases) is expected to moderate in 2014 due to lower growth in utilities prices. The smaller increase in electricity, water and sewerage tariffs (5percent) is expected to add around 0.2percentage points to growth in the Darwin CPI in 2014 and 2015, excluding carbon tax impacts. Growth in the Darwin CPI is forecast to moderate to 3.0percent in 2015. The Ichthys project workforce is expected to remain at its 2014 peak, containing demand for labour. Increased supply of housing due to the anticipated completion of the Ichthys workers accommodation village and units under construction in Darwin CBD is expected to alleviate pressure on the housing sector. In 2016, the Darwin CPI is expected to decline to 2.5per cent following the departure of the construction workforce as the Ichthys project construction phase is completed in mid-2016. The transition to the less labour-intensive operational phase of the project, which is expected to employ around 300people in 2016, is expected to lead to a slower rate of increase in the Darwin CPI. 2014 2015 2016


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