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

2009-12-01

Notes

Date:2009-12; This publication contains may contain links to external sites. These external sites may no longer be active.; Made available via the Publications (Legal Deposit) Act 2004 (NT).

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/10070/216177

Citation address

https://hdl.handle.net/10070/710409

Page content

Territory Economic Review December 2009 International Merchandise Goods Trade The Territorys nominal merchandise goods trade surplus decreased by 19.5 per cent to $1.7 billion in the year to September 2009 (see chart). The value of Territory goods exports over this period increased by 8.7 per cent to $5.74 billion (see chart) primarily driven by higher production and prices of liquefied natural gas (LNG) from the ConocoPhillips Wickham Point LNG plant. Partially offsetting growth has been falling commodity prices especially for key Territory exports such as manganese, alumina and zinc-lead concentrate. Over the same period, the value of merchandise imports to the Territory increased by 27.9 per cent to $4.01 billion primarily driven by higher prices and volumes for gas feedstock for the ConocoPhillips LNG plant, as well as pearls and precious stones. Partially offsetting growth was the declining value of fuel imports reflecting lower crude oil prices and the appreciation of the Australian dollar over the year. Retail Turnover, Inflation adjusted Inflation adjusted retail turnover is reported by the ABS on a quarterly basis. In the September quarter 2009, seasonally adjusted retail turnover decreased in the Territory and nationally by 0.2 per cent and 0.4 per cent respectively. The decline may reflect the impact of the unwinding of Government stimulus payments and households becoming more cautionary in their spending as the economy slows. In the year to September 2009, growth in retail trade turnover moderated to 7.6 per cent in the Territory while strengthening to 2.2 per cent nationally (see chart). Despite moderating, the Territory had the highest growth rate of the jurisdictions. Growth in Territory retail sales in the past year has been supported by high levels of consumer confidence, strong employment and population growth and historically low interest rates. Commonwealth Government stimulus payments have also supported retail growth since December 2008. Sales of New Motor Vehicles Compared to September 2009, the number of seasonally adjusted new motor vehicle sales in the Territory in October 2009 increased by 0.7 per cent to 765. By vehicle category, sales of passenger vehicles increased by 3.8 per cent, SUVs decreased by 5.3 per cent and other vehicle sales increased by 0.4 per cent. Nationally, new motor vehicle sales increased by 3.7 per cent in October 2009. Increased sales nationally were supported by the return of business and car rental buyers in the month. This trend is expected to continue for the remainder of 2009 driven by the temporary increase in plant and machinery (including vehicles) tax rebates (up to 50 per cent) that expire on 31 December 2009. In the year to October 2009, new motor vehicle sales in the Territory decreased by 15.8 per cent, to 8 998. Nationally, they decreased by 12.6 per cent in the same period (see chart). Merchandise Goods Trade* (Latest data September 2009) -1 0 1 2 3 4 5 6 7 -1 0 1 2 3 4 5 6 7 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year ended June $B $B Exports Imports Balance of Trade * moving annual total, current prices Source: ABS Cat. No. 5368.0 Retail Turnover, Inflation adjusted* (Latest data September quarter 2009) -2 0 2 4 6 8 10 -2 0 2 4 6 8 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Per cent Australia Northern Territory Year ended June Per cent * year on year percentage change, original data Source: ABS Cat. No. 8501.0 Motor Vehicle Sales* (Latest data October 2009) -20 -15 -10 -5 0 5 10 15 -20 -15 -10 -5 0 5 10 15 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Year ended June Northern Territory Australia Per cent Per cent * original data, year on year percentage change Source: ABS Cat. No. 9314.0.55.001 Economic Group Northern Territory Treasury (08) 8999 6801 www.nt.gov.au/ntt/ economicservices.ntt@nt.gov.au - 4 -