NT Business confidence survey a tale of mixed fortunes

A NORTHERN Territory Government business confidence survey has shown the mixed fortunes currently being experienced across the Territory.

NT Chief Minister Michael Gunner has been battling to deal with the fall out from the economic situation on the NT. Picture: Justin Kennedy

A NORTHERN Territory Government business confidence survey has shown the mixed fortunes currently being experienced across the Territory.

The survey of 559 businesses across Territory regions and industry sectors was undertaken between October 1 and December 31 last year.

Overall the Department of Business survey showed the Territory-wide business confidence level was +50 per cent, eight percentage points higher than the September quarter 2018 confidence index.

The survey showed business confidence levels in the major remote centres was well above that of Darwin.

While Greater Darwin’s sat at +41 per cent, Katherine (Big Rivers) was more than twice that at +88 per cent. Alice Springs (+78 per cent) and Tennant Creek and the Barkly region (+75 per cent) were also well ahead of Darwin. East Arnhem business confidence was a healthy 86 per cent. The Daly-Tiwi-West Arnhem region struggled at +14 per cent.

Compared to the previous quarter, the overall expectations for business performance were lower in most of the regions. Fewer businesses felt their performance was better, and more businesses felt that their performance was worse.

41 per cent of the Territory businesses expected their business performance to be better this year compared to the previous year, which was three percentage points lower than the September quarter 2018 figure.

The survey showed business confidence had improved in Greater Darwin, East Arnhem, Katherine (Big Rivers), and Alice Springs, and declined in Daly-Tiwi-West Arnhem, and Barkly-Tennant Creek in the December quarter 2018 compared to the previous quarter.

Of the Territory businesses confident about their business prospects for the next 12 months, key reasons cited were strong customer relations; strong market position; been in business a long time; business opportunity; and plenty of work coming up.

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Of those Territory businesses worried about their business prospects for the next 12 months, the main reasons cited for being worried were weak local economy; decrease in business/ sales; and lack of suitably skilled workers.

41Forty one per cent of Territory businesses noted their business performance was better this year compared to last year, while 38 per cent of the businesses stated business performance was the same as last year, and 21 per cent of businesses stated their business performance was worse than last year.