Mr NATT - 2005-10-12
During the election, the Treasurer said that the government would continue to develop consumer and retail confidence in our economy. Has the Treasurer had any indicators which can show how these important sectors are developing?
ANSWER
Madam Speaker, I thank the member for Drysdale for his question. A fair indicator - only one, but a fair indicator - of how the economy is progressing can be seen in the measure of retail confidence that exists, both in retail on the one hand and, specifically, the sale of motor vehicles, is not a bad barometer of how people see things are going. Both retail spending and new motor vehicle sales have shown, and continue to show, quite strong signs of growth in the Northern Territory.
In the year to August, ABS figures show the Northern Territory retail turnover increased by 5.8%, the second highest of any jurisdiction and well above the national level of 3.5%. Therefore, in dollar terms, Territorians and tourists spent around $110m more on retail products in the 12 months to August 2005 compared to the same time the previous year. Total spending for the year also went through $2bn, and that is a milestone in itself.
In the same year to August, Northern Territory new motor vehicle sales were the highest they have been since the ABS began using them as a measure. The Northern Territory also outstripped other jurisdictions with growth of 11.1%, more than double the national increase of just 5.1%. Sales of utes, other light commercial vehicles, trucks and buses are the primary reason for the growth, increasing by 18.6% in their own right. In the same period, the sale of – and ABS have picked this up from America, no doubt – sports utility vehicles - it is not a term I would use but ABS use it as a description of vehicles – recorded 12.2% growth, while new passenger vehicle sales were up 6.7%. The majority of new motor vehicle sales, importantly, are in the private sector, and those record rates of motor vehicle sales and continuing growth in retail trade figures underline strengthening consumer confidence in the Northern Territory.
Importantly, that growth has been sustained for over a year now and does look set to continue. I, and the government, takes it as further evidence that we are continuing to keep economic growth and development at the front and centre of our agenda as we promised during the 2005 election campaign.
ANSWER
Madam Speaker, I thank the member for Drysdale for his question. A fair indicator - only one, but a fair indicator - of how the economy is progressing can be seen in the measure of retail confidence that exists, both in retail on the one hand and, specifically, the sale of motor vehicles, is not a bad barometer of how people see things are going. Both retail spending and new motor vehicle sales have shown, and continue to show, quite strong signs of growth in the Northern Territory.
In the year to August, ABS figures show the Northern Territory retail turnover increased by 5.8%, the second highest of any jurisdiction and well above the national level of 3.5%. Therefore, in dollar terms, Territorians and tourists spent around $110m more on retail products in the 12 months to August 2005 compared to the same time the previous year. Total spending for the year also went through $2bn, and that is a milestone in itself.
In the same year to August, Northern Territory new motor vehicle sales were the highest they have been since the ABS began using them as a measure. The Northern Territory also outstripped other jurisdictions with growth of 11.1%, more than double the national increase of just 5.1%. Sales of utes, other light commercial vehicles, trucks and buses are the primary reason for the growth, increasing by 18.6% in their own right. In the same period, the sale of – and ABS have picked this up from America, no doubt – sports utility vehicles - it is not a term I would use but ABS use it as a description of vehicles – recorded 12.2% growth, while new passenger vehicle sales were up 6.7%. The majority of new motor vehicle sales, importantly, are in the private sector, and those record rates of motor vehicle sales and continuing growth in retail trade figures underline strengthening consumer confidence in the Northern Territory.
Importantly, that growth has been sustained for over a year now and does look set to continue. I, and the government, takes it as further evidence that we are continuing to keep economic growth and development at the front and centre of our agenda as we promised during the 2005 election campaign.
Last updated: 09 Aug 2016