Territory Stories

Budget papers 2007 - 2008

Details:

Title

Budget papers 2007 - 2008

Other title

2007/08 Budget paper

Creator

Northern Territory. Department of Treasury

Collection

Northern Territory budget papers; Reports; PublicationNT

Date

2007-05-01

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Language

English

Subject

Appropriations and expenditures; Periodicals; Budget; Finance, Public

Publisher name

Northern Territory Government

Place of publication

Darwin

Volume

2007/08

File type

application/pdf

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0/

Parent handle

https://hdl.handle.net/10070/244905

Citation address

https://hdl.handle.net/10070/591630

Related items

https://hdl.handle.net/10070/591624; https://hdl.handle.net/10070/591625; https://hdl.handle.net/10070/591628; https://hdl.handle.net/10070/591632; https://hdl.handle.net/10070/591634; https://hdl.handle.net/10070/591619; https://hdl.handle.net/10070/591621; https://hdl.handle.net/10070/591623

Page content

Northern Territory 007-08 budget Economic Growth Economic growth in the Northern Territory tends to be volatile from year to year. The small size of the economy means large, typically resource-based projects can have a substantial impact on investment and income streams. The Territory economy grew by 6 per cent in 2004-05, with strong growth in consumption and investment boosted by major projects. In 2005-06, gross state product (GSP) grew by a further 7.5 per cent with strengthening consumption, and a substantial increase in business investment associated with major resource projects, along with the commencement of LNG exports. The major influence on estimated GSP growth of 7.2 per cent in 2006-07 is strong export activity, along with a significant decline in imports. Peak production of LNG, along with peak production at the Bayu-Undan fields (gas, condensate and liquid petroleum gas), and increased alumina production from Alcan, are the major contributors to growth. Economic growth is forecast to continue in 2007-08 with growth of 3.7 per cent. Business investment levels will return to more usual levels as the Alcan expansion is completed. Exports are expected to stabilise as peak production is reached. 2002-03 % ch 2003-04 % ch 2004-05 % ch 2005-06 % ch 2006-07e % ch 2007-08f % ch Real GSP 0.2 0.2 6.0 7.5 7.2 3.7 Resident Employment -0.1 -2.2 -2.0 4.0 4.4 2.3 Population1 0.1 0.3 1.2 2.0 1.6 1.4 Darwin CPI2 2.2 2.1 1.6 2.6 4.4 3.0 e: estimate; f: forecast 1 As at December, annual percentage change (compares latest quarter with the same quarter in previous year) 2 As at December, year on year percentage change (compares latest 12 months to previous 12 months) Source: ABS Cat. Nos 6202.0, 3101.0, 6401.0, 5220.0 and NT Treasury Summary of Territory Economic Indicators


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.