Territory economic review
NT Treasury, Economic Analysis Division
Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals
Date:2001-10; 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.
Northern Territory -- Economic conditions -- Periodicals
Northern Territory Government
Northern Territorty Government
OCTOBER 2001 5 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic Dwelling commencements In original terms the number of Territory June quarter 2001 dwelling unit commencements increased to 383 from 105 in the March quarter. Trend commencements increased from 215 to 258. The large Territory increase over the quarter was due to a pick up in private commencements, reflecting the combined effects of the Commonwealth and Territory incentives as well as lower interest rates. In year on year terms, Territory commencements have been declining since mid-1999. For the year to June 2001, Territory commencements fell 34.0 per cent to 1 027. Dwelling Commencements (latest data June quarter 2001) 20 30 40 50 60 1996 1997 1998 1999 2000 2001 2002 200 300 400 500 600 Number ('000) Number Financial Year Australia Trend (LHS) Northern Territory Trend (RHS) Source: ABS data Residential building approvals In original terms Territory new residential building approvals decreased from 94 to 75 during August. The decrease was predominantly due to a fall in the number of new public sector approvals, which was particularly high last month because of a 95 unit Defence Housing Authority residential development in Carey Street, Darwin. The decrease was compounded by a fall in private dwelling approvals as the effect of the Territorys QuickStart scheme begins to taper off. Residential Building Approvals (latest data August 2001) 0 5 10 15 20 25 30 35 1996 1997 1998 1999 2000 2001 2002 0 50 100 150 200 250 300 350 Number (000) Number Australia Trend x 2 (LHS) Northern Territory Original (RHS) Northern Territory Trend (RHS) Financial Year Source: ABS data New motor vehicle registrations New motor vehicle registrations in the Territory decreased in original, seasonally adjusted, and trend terms during August 2001. In original year on year terms, Territory new motor vehicle registrations fell 10.7 per cent (compared to a 3.3 per cent increase nationally). There is little evidence to suggest that the downturn in Territory motor vehicle registrations is bottoming. The downturn is in line with moderating business and consumer demand over the past two years, coupled with a slower rate of population growth. Following tax policy changes commencing 24 May 2001, businesses have been able to claim a full input tax credit for the GST, effectively lowering the cost of new business vehicles. New Motor Vehicle Registrations (latest data August 2001) 40 50 60 70 80 90 1996 1997 1998 1999 2000 2001 2002 400 500 600 700 800 900 Financial Year Number (000) Number Australia Trend (LHS) Northern Territory Seasonally Adjusted (RHS) Northern Territory Trend (RHS) Source: ABS data