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Despite various financial and economic uncertainties, the oil and gas sector continues to enjoy steady growth.
With now more than $1.5 trillion of assets under management, the superannuation industry is one of the fastest growing sectors of the Australian economy.
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In the NT 65.4 percent of business respondents think medium term prospects for Australian private companies look good or very good. Exactly two thirds believe long-term prospects are good or very good. Only 11.5 percent are predicting negative growth over the coming 12 months while the same percentage believe its annual growth rate will exceed an impressive 20 percent over the same period.
For the latest full year, 22.2 percent of Territory businesses exceeded their performance targets while a further 48.1 percent were essentially on target. Just under two thirds of respondents report experiencing skills shortages with a similar percentage nominating attracting and retaining qualified staff as a major challenge for the coming year. Wage increases in the NT are expected to exceed five percent for the current period.
Major business change drivers identified by NT respondents are the general economic environment and the effects of government policy and legislative change, the latter concern no doubt reflecting the dominant economic role of the Commonwealth and NT Governments in the Territory’s economy.
An emphatic 95 percent of Territorian businesses believe carbon pricing represents a long-term threat to their enterprises.
Figure 1: Perceived position of Australian economy in economic cycle
Figure 3: Employee headcount over the past 12 months
Figure 2: Fulfilment of revenue targets for the latest 12 month period
Figure 4: Employee headcount intentions for the next 12 months
Download a copy of the Private Companies Survey 2012 in PDF.
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