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The Major Industries That Prevail In Northern Territory (NT)

1347 Words6 Pages

Introduction
During 2011, the major industries that prevail in Northern Territory (NT) are retail, construction, agriculture and tourism according to Australian Bureau of Statistics (ABS) (Statistics 2012d). These industries are being chosen after a comparative study is made with each other.
The retail industry is another industry that has a contribution to the economy of NT. It consists of retail turnover new motor vehicle sales (Statistics 2012a).
For April 2012, there was 0.2 per cent rise in monthly in NT when compared to whole of Australia for retail turnover (Statistics 2012e). It became three per cent higher when compared to the previous year in 2011 (Statistics 2012e).
For NT, new motor vehicle sales forms a part of retail industry. …show more content…

Here, the economy comes from hotels, motels and serviced apartments. They are categorised as accommodation takings and room occupancy rates. In December quarter 2011, there has been an income of $ 63.1 million brought about by accommodation takings according to ABS (Statistics 2012f). For the same quarter, a decline in the revenue of two per cent could be seen in room occupancy rate when a comparison has been taken in NT and Australia (Statistics 2012f).
The construction industry forms a part of the industry in NT where the focus of revenue is on building approvals (Statistics 2012d). A gross fall of 56.3 per cent was noted when an analysis was being taken between NT and Australia for the year 2012 (Statistics 2012b). There was a decrease of 19.2 per cent in the approval of houses in April 2012 (Statistics 2012b).
When an analysis of all the industries is taken, it is noted that the retail industry has a positive growth of 9.5 per cent as compared to the agricultural industry where it is 7.31 per cent. Hence, the retail industry in NT has been taken for analysis and the factors for profitability of the industry will be identified as well as discussed.
Industry Analysis in Northern …show more content…

Power of substitutes

1. Threat of new entrants:
Online shopping as well as new products by foreign companies being sold in the market makes it competitive for local retailers (Commission 2011a). So, it takes time to be productive between retailers.
Another factor is the limit of time of operation of stores as compared to online shopping according to Productivity Commission (Commission 2011b). Online shopping can be done at any time but shopping in-store can be done during trading hours only. Hence, this would cause variation in competition in the industry.
Places such as Darwin-Katherine, Tennant Creek as well as Alice Springs have no generators which are under operation in private sector for competition with Power and Water Corporation (PWC) which is a retailer for power (Finance 2014). Due to this, the government is looking forward for new dealers to enter this sector which forms a threat to PWC.
2. Supplier power:
The issues between the government and retailers will be settled by Civil and Administrative Tribunal by providing facilities like red tape advocates as well as dispute settlement facilities (Business 2014). This would help retailers in allocation of investment in business wisely and take up more production based on the

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