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

84 Retail and Wholesale Trade 2013-14 Budget heavy discounting by retailers nationally to stimulate sales and the high Australian dollar, which has made imported electrical and electronic goods more affordable. Growth was partially offset by a 4.7percent decrease in hardware, building and garden supplies retailing, while turnover of furniture, floor coverings, housewares and textile goods was unchanged in the year. The softness in these subcategories reflected a subdued residential construction market. In 201213, the recovery in residential construction has supported growth in turnover of household goods as new houses and units are furnished. In addition, continued discounting by retailers has supported growth, particularly in the turnover of electrical, electronic and gas goods, as well as furniture, floor coverings, housewares and textile goods. In 201112, cafs, restaurants and takeaway food services retailing accounted for 18.3percent of retail turnover in the Territory and was the strongest performing retail category, with turnover increasing by 15.4percent to $512.6million and contributing 2.5percentage points to growth. This was the fourth consecutive year of doubledigit growth in turnover in this category, with growth driven by interest rate cuts, strengthening wages growth and the transient nature of the Territorys population. In 201213, turnover of cafs, restaurants and takeaway food services has weakened significantly, reflecting national trends and the slowdown that typically follows a period of substantial growth in retail turnover. National factors that have impacted on growth in this category include a high household saving rate; the impact of job losses, particularly in the manufacturing and public service sectors; and weak international tourist arrivals due to the strong Australian dollar. In the Territory, growth in turnover has also been constrained by increasing costs of essential items, which are expected to have reduced consumer expenditure on discretionary items such as eating out. Clothing, footwear and personal accessory retailing totalled $140.7million or 5.0percent of Territory retail turnover in 201112. Turnover in this category decreased by 5.3percent in 201112, detracting 0.3percentage points from overall retail growth. This is the weakest performance of this category in 14years and is likely the result of substantial growth in online purchases by Territorians from interstate and overseas retailers and the high Australiandollar. Given the growth of online retailing and the low number of Territorybased online retailers, the weak performance of clothing, footwear and personal accessory retailing has continued in 201213. The other retailing category includes retailing in newspapers and books, sport and camping equipment, entertainment media, pharmaceutical goods, stationery goods, cosmetics, and toiletry goods. In 201112, other retailing totalled $155.5million or 5.5percent of Territory retail turnover. Following a decline of 20.5percent in 201011, turnover of other retailing further declined by 2.3percent in 201112. This was driven by a 7.7percent decline in newspaper, book and stationery retailing and a 2.0percent Cafs, Restaurants and Takeaway Food Services Clothing, Footwear and Personal Accessories Other Retailing


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