TERRITORY
NATIONAL
GLOBAL
REAL ESTATE
SHARES
Business Week
MARKET
SNAPSHOT
CURRENCY
What your Aussie Dollar was
worth yesterday:
US dollar
Canadian
UK Sterling
Euro
NZ Dollar
HK Dollar
Singapore
Yen
PNG Kina
SA Rand
Indon Rph
Swiss Fr
Fijian
Philippine
Malaysian
Thai Baht
BUY
1.0835
1.0735
0.6761
0.8342
1.2953
8.4641
1.3513
97.81
2.5492
9.3423
On app
1.0265
1.9226
On app
On app
33.37
SELL
1.0072
0.9698
0.6186
0.7560
1.1969
7.7207
1.2049
87.12
1.7695
8.3980
9037.01
0.9169
1.6951
37.81
2.8350
27.95
Rates are for travellers cheques only. Supplied by the
Commonwealth Bank as a community service. Rates
are subject to change.
INTEREST RATES
30-Day bank bills
60-Day bank bills
90-Day bank bills
180-Day bank bills
Unofficial cash rates:
(11am)
3.05%
3.04%
3.03%
3.01%
3.00%
INDICES
All Ords
S&P/ASX200
S&P/ASXSmallOrds
DowJones
Nasdaq
HangSeng
Nikkei
FTSE-100
LAST
4712.30
4690.20
2304.90
13384.29
3098.81
23329.75
10599.01
6064.58
with
Alison Bevege
NT’s taxes lowest,
with federal help
THE TERRITORY has the lowest
taxes in the nation, a report by freemarket think-tank the Institute of
Public Affairs has found.
But this is only possible because
the Territory lives on the taxes paid
by other states: 2012-13 Budget figures reveal 81 per cent of the Territory’s $5.2 billion revenue comes
from the Federal Government, including 22 per cent in tied funding
and 59 per cent from the GST.
Of the $510 million the Territory
raises itself, $253 million is from
payroll tax and $150 million is from
stamp duty — mainly from the
transfer of property.
Institute of Public Affairs senior
fellow Julie Novak said the absence
of land tax was a key contributor to
The NT has an
overspending problem
the Territory’s status as a lowtaxing jurisdiction.
‘‘Payroll taxes are also considerably lower in the Territory,’’ Ms
Novak said.
For a medium-sized business
with 60 employees and a turnover
of $2 million, the IPA reported,
Territory taxes would amount to
$232,974 per year — which is the
lowest in the nation. The secondlowest taxes were $280,978 in Victoria, while the highest were
$309,810 in the Australian Capital
Territory.
With the Mills Government looking to combat debt left by the preceding government, Ms Novak said
raising more revenue was not the
right path; instead they should
cut spending.
‘‘The NT has an overspending
problem,’’ she said.
When the NT News pointed out
that to be self-sufficient the Territory would have to cut more than 80
per cent of its spending, Ms Novak
left to take other calls.
Charles Darwin University law
lecturer Ken Parish said the pre-
vious Labor Government had kept
taxes artificially low as it had been
a minority government heading in
to an election.
Mr Parish, a former Labor MLA
who held business portfolios, said
regardless of who won the election,
more revenue would have to be
raised to provide services — or else
go further into debt.
‘‘There is an expectation that all
states and territories make diligent
efforts to raise an appropriate
amount of revenue from their own
resources,’’ he said.
‘‘Now the Mills Government is
cranking up everything and to
some extent it needed to be done.
‘‘No doubt Labor would have
done the same if it had got in.’’
CHG
-25.80
-27.10
-20.20
-50.92
-2.85
-1.34
-89.1
-25.26
RESOURCES
Gold
Silver
Oil
Copper
Zinc
Lead
Aluminium
Uranium
$US last
1647.3
30.11
-8037.5
1985.75
2290.0
2029.25
43.5
CHG
-8.49
+0.03
--17.50
-23.00
-34.75
+2.00
-0.25
ON THE MONEY
CRAIG JAMES
Chief economist
Commsec
In the past a trade deficit of this
magnitude would have moved
markets. But fast forward to
2013 and the Aussie dollar barely
batted an eyelid and the
sharemarket held modestly in
positive territory
Chinese-owned Yancoal Australia
has secured $US596 million
($A570.31 million) in funds from
its parent company
Central Cafe is being handed over to budding Territory Masterchefs who can rent it for a night as a pop-up restaurant. The cafe’s assistant chef Yam
Bahadur Thapa will be working the first night, with the theme Korean Night Gangnam Style
Picture: ELISE DERWIN
So you reckon you could run your own restaurant
BUDDING Masterchefs can run a
real restaurant for just one night.
Cafe Central owner Saikim Wan
has decided to run a ‘‘pop-up restaurant’’ from her eatery in the Darwin suburb of Rapid Creek.
Ms Wan and co-owner Denis
Tracey have been inspired by My
Restaurant Rules and other cooking
shows, and think there will be peo-
www.ntnews.com.au
ple out there keen to try their hand
at the trade.
‘‘People want to go to the next
step,’’ she said.
‘‘I know people would like the experience but they think they will
never have the opportunity as they
have no time, equipment or business experience.’’
Ms Wan said budding restaurat-
eurs could rent the premises and all
its equipment for $65 per hour.
She said she would provide profit
and pricing strategies and will talk
with students at length.
Suggested hours would be from
4pm to 11pm depending on budgets.
‘‘It is a great concept and can help
a lot of people thinking of going into
small business,’’ she said.
The cafe ordinarily runs from
7am to 2.30pm, seven days per week
and Ms Wan said the new idea
would help them to cover their fixed overheads.
According to the Australian Bureau of Statistics, 4000 people were
employed in accommodation and
food services in the Territory as of
November 2012.
Wednesday, January 9, 2013. NT NEWS.
27
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