NORTHERN TERRITORY OUTLOOK ECONOMIC OUTLOOK According to First National Northern Territory members, the Federal Government is not doing a good job managing the economy. However, there is a general feeling that even in light of this, the local economy will hold up, given the Territory’s strong resources sector. Mining projects in Darwin will underpin its local economy, while Alice Springs will look to conditions improving as a result of growing consumer and business confidence. Government tourism figures show domestic tourism is on the rise, with 73 million overnight trips taken in the year to March – up 5% from the same period last year. Domestic travel spending also rose 10% to $50 billion, with more than two-thirds of people travelling within their own state or territory. In addition, the number of international trips was at a four year high – with 7 million trips being recorded. Both Darwin and Alice Springs will benefit from a stronger performing tourism sector. Northern Territory members were split on whether they thought the RBA was doing a good job of managing monetary policy: • Darwin members believed it was, while • Alice Springs member said it was not. While the RBA has been fiscally responsible by lowering interest rates, any economic or market recovery in Alice Springs is dependent on consumer confidence and increasing nervousness around job security. Northern Territory members say that investment in infrastructure is required to sustain any recovery in the state.
2012 PROPERTY MARKET OUTLOOK – MID YEAR UPDATE FIRST NATIONAL REAL ESTATE
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