Territory Stories

Territory economic review

Details:

Title

Territory economic review

Creator

NT Treasury, Economic Analysis Division

Collection

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

Date

2002-04-01

Notes

Date:2002-04; 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/10070/212449

Citation address

https://hdl.handle.net/10070/716379

Page content

APRIL 2002 7 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic CONSUMPTION Northern Territory Consumption# Year on Year Ended June (per cent change) 1994-95 1995-96 1996-97 1997-98 1998-99 1999-00 2000-01 Latest Annual % change* Total Consumption Expenditure 5.8 8.9 -1.6 8.5 5.7 6.2 2.2 Dec Q 01 7.6 Private Consumption 7.2 7.8 -2.3 7.4 5.2 5.7 1.0 Dec Q 01 7.3 Public Consumption 4.1 10.2 -0.7 9.9 6.3 6.8 3.6 Dec Q 01 8.0 Real Retail Turnover 11.1 8.3 -6.8 2.1 6.1 7.0 -2.0 Dec Q 01 3.8 New Motor Vehicle Sales n.a. 2.4 2.1 17.0 -3.4 -8.8 -4.2 Feb Q 02 2.2 # Based on original, chain volume measures, except for new motor vehiclce sales which is based on numbers Source: NT Treasury, ABS data * Quarter on corresponding quarter the previous year, or through the year annual per cent change After weakening in 2000-01 After three years of strong growth, private consumption weakened markedly in 2000-01. The main growth drivers moderated as the stimulus related to the defence force expansion weakened, as did East Timor related consumption. Weaker employment, population and wages growth, the construction industry downturn and higher petrol prices acted to slow growth in demand and consumption expenditure. pick up under way Real seasonally adjusted Territory consumption expenditure increased by a solid 2.8 per cent in the December quarter 2001. A jump in the volatile defence consumption category was the major driver behind a 3.6 per cent increase in public sector consumption expenditure, perhaps associated with border defence and Australias recent combat role overseas. National defence consumption expenditure is allocated between states and territories based on population and employment data. Private consumption recorded a fourth consecutive quarter of positive growth in the December quarter, up 2.1 per cent. Motor vehicle sales and expenditure on clothing and footwear, furnishing and other household equipment contributed strongly to growth in the quarter. Calendar year 2001 on calendar year 2000 private consumption expenditure increased by 2.3 per cent, with public consumption increasing by 5.0 per cent. In through the year terms, comparing the December quarter 2001 with December 2000, Territory private consumption increased by 7.3 per cent and public consumption expenditure increased by 8.0 per cent. low interest rates help consumer confidence Interest rates are low in nominal and real terms and the Westpac-Melbourne Institute Index of Consumer Sentiment increased for the fifith consecutive month in March. After falling in the wake of the events of September 11, the Index is now at its highest since early 1999, up 2.7 per cent on Februarys Index, indicating that consumers are fairly optimistic. Territory Consumption Growth (original, chain volume measure) -4 -2 0 2 4 6 8 10 12 91 92 93 94 95 96 97 98 99 00 01 02 -4 -2 0 2 4 6 8 10 12 Year ended June Through the year Year on Year per cent per cent Source: ABS data, NT Treasury


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