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

2001-10-01

Notes

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.

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/10070/212445

Citation address

https://hdl.handle.net/10070/716385

Page content

OCTOBER 2001 6 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic Population The Northern Territorys population increased by 1.1 per cent to an estimated 196 873 over the year to March 2001. The national population increased 1.2 per cent to an estimated 19.3 million. The Territorys annual population growth rate remains below the national rate for the second consecutive quarter. Anecdotal evidence suggests there may have been significant outflows over the past half year or so, as transient workers react to the soft Territory economy. This trend is likely to be reversed as employment growth benefits from increased construction activity associated with the Darwin to Alice Springs railway and the pick up in residential building. Population Growth (latest data March quarter 2001) 0.5 1.0 1.5 2.0 2.5 3.0 3.5 91 92 93 94 95 96 97 98 99 00 01 0.5 1.0 1.5 2.0 2.5 3.0 3.5 NT (through the year) Australia (through the year) NT (year-on-year) Australia (year-on-year) percent Finanacial Year percent Source: ABS data Tourist Accommodation June quarter 2001 tourist accommodation figures report an increase in activity compared to the previous quarter, consistent with typical seasonal patterns. Comparing the June quarter 2001 to the June quarter 2000 (which included the impact of East Timor related activity), room occupancy rates and the number of guest nights were lower, although takings increased. However, this data is not adjusted for inflation. As such, nominal takings partly reflect the GST price effect that acted to lift average accommodation prices. The Timor effect abnormally boosted tourism in the year to June 2000, with year to June 2001 room occupancy rates and guest nights down 3.5 percentage points and 6.1 per cent respectively. Tourist Accommodation (latest data June quarter 2001) 0 10 20 30 40 50 60 Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 0 100 200 300 400 500 600 700 800 900 $M '000 1998 1999 2000 2001 Takings Guest Nights Long term takings growth Source: ABS data Petrol pricing August retail unleaded petrol prices fell in Katherine and Tennant Creek, but rose in Alice Springs and Darwin. Prices fell in all other capital cities except Melbourne. Darwins average unleaded petrol price rose by 0.3 cents per litre (cpl) while the eight capital cities average price declined by 0.9 cpl. Compared to August 2000, Darwin prices have dropped 6.0 cpl, while the eight capital cities average price declined by 9.7 cpl. Darwin prices tend to be higher than other capital cities. Geographical distance from both domestic and international oil refineries contributes to high freight costs. In addition, Darwin and Alice Springs have relatively more outlets per capita than many other centres in Australia, resulting in lower sales volumes per site, and a need for larger margins to cover costs. Petrol and Crude Oil Prices (latest data - August 2001) 0 5 10 15 20 25 30 35 40 Aug-98 Feb-99 Aug-99 Feb-00 Aug-00 Feb-01 Aug-01 0 20 40 60 80 100 120 Brent crude price in Australian cents per litre (LHS) Darwin unleaded petrol Australian cents per litre Australian cents per litre Eight capitals average unleaded petrol (RHS) Source: AAA, Reserve Bank of Australia, Oilnergy, NT Treasury


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