Territory Stories

Territory economic review

Details:

Title

Territory economic review

Creator

NT Treasury, Economic and Social Analysis Unit

Collection

Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals

Date

2012-05-01

Notes

Date:2012-05; Made available via the Publications (Legal Deposit) Act 2004 (NT).; This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Northern Territory -- Economic conditions -- Periodicals

Publisher name

Northern Territory Government

Place of publication

Darwin

File type

application/pdf

Copyright owner

Northern Territorty Government

Parent handle

https://hdl.handle.net/10070/248607

Citation address

https://hdl.handle.net/10070/570483

Page content

Territory Economic Review May 2012 Economic Group Northern Territory Treasury (08) 8999 6801 www.nt.gov.au/ntt/ economicservices.ntt@nt.gov.au - 10 - Unleaded Petrol Darwin retail fuel prices tend to be higher than other capital cities due to the distance from refineries and associated higher transportation costs. Over the long term, movements in Darwin retail fuel prices closely mirror national trends. However, in the short term they can be volatile. In March 2012, the average retail unleaded petrol (ULP) price in Darwin increased by 2.7 cents per litre (cpl) to 157.4 cpl (see chart). Over the same period, the eight capital cities weighted average retail ULP price increased by 4.4 cpl to 147.8 cpl. The average monthly price of Tapis crude oil rose by 5.5 per cent to US$134.10 per barrel in March 2012. Comparing March 2012 with March 2011, the average monthly $US price of Tapis crude oil increased by 11.6 per cent per barrel. In Australian dollar terms, the price of Tapis crude oil increased by 9.4 per cent over the same period. The price differential of Tapis oil in Australian and US dollar terms reflects the strength of the Australian dollar over the last couple of years, acting as a hedge against higher international benchmark prices. Westpac MI Consumer Sentiment Index The Westpac Melbourne Institute Consumer Sentiment Index decreased by 1.6 per cent to 94.5 in April 2012 (see chart) compared to 96.1 in the previous month. In annual terms, the index fell by 10.3 per cent in April 2012. Some components of the index decreased in April 2012, with family finances compared to a year ago down by 14.4 per cent and expectation of family finances over the next 12 months down by 4.1 per cent. While others increased; economic conditions over the next 12 months up by 0.8 per cent, economic conditions over the next five years up by 1.5 per cent. Consumer sentiment may have fallen in April 2012 reflecting recent data releases showing weak growth in Australias Growth Domestic Product in the December quarter 2011, weak employment growth and relatively high national unemployment in March 2012. Tourist Accommodation In the December quarter 2011, seasonally adjusted takings from hotels, motels and serviced apartments with 15 or more rooms in the Territory increased by 3.1 per cent to $64 million, compared to the previous quarter. Nationally, seasonally adjusted takings increased by 0.8 per cent over the same period. In seasonally adjusted terms, the average room occupancy rate in the Territory increased by 3.0 percentage points to 65.2 per cent in the December quarter 2011. Nationally, the room occupancy rate remained flat at 65.6 per cent. In the year to December 2011, in original terms, guest nights decreased by 6.0 per cent in the Territory, takings fell by 2.5 per cent while the room occupancy rate also decreased by 2.2 percentage points over the same period. Unleaded Petrol Prices* (Latest data March 2012) * monthly data, original data Source: Australian Automobile Association, Reserve Bank of Australia, Commonwealth Bank and Energy Information Administration Westpac MI Consumer Sentiment Index (Latest data April 2012) Source: Westpac Melbourne Institute Number of Guest Rooms* (Latest data December quarter 2011) * moving annual total, original data Source: ABS Cat No. 8635.0 0 20 40 60 80 100 120 140 160 180 0 20 40 60 80 100 120 140 160 180 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Year ended June cpl cpl Darwin unleaded petrol price Eight capitals weighted average ULP price Tapis crude oil price in Australian cents per litre 75 80 85 90 95 100 105 110 115 120 125 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Index Index Year ended June 125 120 115 110 105 100 75 80 85 90 95 0 1 2 3 4 5 6 7 8 0 1 2 3 4 5 6 7 8 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Year ended June Number (000) Number (000) Darwin Northern Territory Rest of NTAlice Springs Katherine