Territory economic review
NT Treasury, Economic Analysis Division
Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals
Date:2001-09; 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
SEPTEMBER 2001 5 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic Building approvals In original terms the number of new residential building approvals in the Territory increased from 131 to 183 in original terms during June. The increase was due to an increase in the number of new public sector approvals, particularly units, almost certainly related to a 95 unit Defence Housing Authority residential development in Carey Street, Darwin. This was slightly offset by a fall in private dwelling approvals. Although in its early stages, the current upturn in approvals is another indicator that dwellings investment is gaining upward momentum. The uptick has been assisted by Territory and Commonwealth Government incentives, with support from low interest rates. Building Approvals 0 5 10 15 20 25 30 1996 1997 1998 1999 2000 2001 0 50 100 150 200 250 300 Number (000) Number Australia Trend (LHS) Northern Territory Original (RHS) Northern Territory Trend (RHS) Year ended June Source: ABS data Housing finance The number and value of owner-occupied housing finance commitments decreased for the Northern Territory in original terms, but increased in both seasonally adjusted and trend terms in June. While monthly data remains volatile, in seasonally adjusted terms, the rise in the value of Territory housing finance during June (up 9.1 per cent) primarily reflects the impact of interest rate cuts, the Territorys QuickStart scheme and the Commonwealth Governments extension of the first homebuyers scheme. As of 30 August, the number of QuickStart applications granted totalled 191, up 66 on the previous month. Nationally, the number of seasonally adjusted housing finance commitments rose by 0.2 per cent in June. Housing Finance Commitments 0 10 20 30 40 50 60 70 80 96 97 98 99 00 01 0 1000 2000 3000 4000 5000 6000 7000 8000 $ million $ million Australia (RHS) NT Original (LHS) NT Trend (LHS) Year ended June Source: ABS data Retail petrol prices Retail unleaded petrol prices decreased in all Territory regions in June 2001. Prices also decreased in all capital cities. Darwins average unleaded petrol price fell by 6 per cent while the eight capital cities average price declined by 6.8 per cent. In the year to June 2001, Darwin prices increased 4.4 per cent compared to the eight capitals average increase of 3.7 per cent. Darwin petrol prices tend to be higher than the other capital cities. Geographical distance from both domestic and international oil refineries contribute to high freight costs. In addition, Darwin and Alice Springs have relatively more outlets per capita than many other centres in Australia. This results in lower sales volumes per site, and a need for larger margins to cover costs. Petrol and Crude Oil Prices in Australian Cents per Litre (June 2001) 0 5 10 15 20 25 30 35 40 Nov-98 May-99 Nov-99 May-00 Nov-00 May-01 0 20 40 60 80 100 120 Brent crude price in Australian cents per litre (left hand axis) Darwin unleaded petrol (right hand axis) cents per litre cents per litre Eight capitals average unleaded petrol (right hand axis) Source: AAA, Reserve Bank of Australia, Oilnergy, NT Treasury
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