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Strong economic conditions give NT businesses confidence

September 03, 2012

Report author, Christena Singh, said that Northern Territory business confidence levels had dropped slightly since the highs of last quarter, however businesses were still buoyed by positive economic conditions.

“Businesses in the Northern Territory are the most positive about local economic conditions than businesses in any other state or territory,” she said.

“They recorded the strongest results for sales and profitability of any state or territory, and the lowest results for wages.”

During the quarter more NT businesses reported increases in sales, profitability, prices and capital expenditure indicators, however falls were reported in employment and wages. NT businesses are expecting a more subdued quarter ahead, with lower expectations across all indicators.

“Seasonal economic conditions definitely shape the business environment for Northern Territory businesses, so with the wet season approaching it’s understandable that they have more moderate expectations for indicators like sales, employment and profitability,” Ms Singh said.

Nearly six in ten Northern Territory small and medium businesses are confident about their business prospects over the coming year, whereas three in ten are concerned. The key concerns nominated by NT small and medium businesses were a decrease in business and people not spending.