Budget Paper No.6 1997/98 Northern Territory Economy
Tabled Paper 3223
Tabled Papers for 7th Assembly 1994 - 1997; Tabled papers; ParliamentNT
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
The annual underlying rate of inflation peaked in the first quarter of 1996 at 3.3%. The quarterly increase of 0.4% in the December quarter 1996 resulted in an annual rate of 2.1%, the lowest since March 1995. Wages The election of the federal Liberal-National Coalition Government in March 1996 precipitated a move away from the Accord process in the determination of wages to an emphasis on Enterprise Bargaining. Despite fears that this could lead to a wages blowout, agreements have been restrained reflecting in part high unemployment and the subdued nature of the economy. Pay increases have been in the order of 4.4% in the private sector and 4.3% in the public sector although two industries, metals and construction, have negotiated outcomes significantly above this. The average weekly full-time earnings of Territory adult employees have consistently been higher than the national average. In November 1996 the average weekly full-time earnings of adult employees (AWE) in the Territory at $733.80 was slightly higher than the national average ($730.20). Since August 1992, growth in national AWE has been higher than in the Territory. AWE in the year to November 1996 grew nationally by 3.9% but only at 2.3% in the Territory. Figure 6.3 shows the Territorys AWE have come more into line with national earnings since the national economy moved out of recession in 1992. The lower rate of growth in Territory earnings reflects the structural changes that have been occuring in the Territory. In the past, the economy has been dominated by sectors that 1.00 1.02 1.04 1.06 1.08 1990 1992 1994 1996 Source: ABS Cat. No. 6302.0 Ratio Figure 6.3 Relative Weekly Earnings (Northern Territory/Australia) Table 6.1 Inflation in 1996 % Change Darwin 2.1 Brisbane 1.9 Sydney 1.8 Perth 1.8 Hobart 1.8 Canberra 1.2 Adelaide 1.2 Melbourne 1.2 8 Capitals (weighted) 1.5 Source: ABS Cat. No. 6401.0 Prices and Wages 33
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