Territory Stories

Budget 2007-2008 Northern Territory Economic Overview



Budget 2007-2008 Northern Territory Economic Overview

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Tabled paper 865


Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT




Tabled By Sydney Stirling


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.




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Northern Territory 007-08 budget Labour Market The Territory labour market continues to strengthen in 2006-07 as buoyant onshore economic conditions prevail. Labour market statistics and related indicators point to strong employment growth and a shortage of skilled labour in 2006-07, which is expected to continue into 2007-08. Following an increase of 4.0 per cent in 2005-06, as reported by the Australian Bureau of Statistics (ABS), resident employment is expected to increase by 4.4 per cent in 2006-07. Resident employment growth of 2.3 per cent is forecast for 2007-08, supported by ongoing construction work on the Darwin Waterfront Development, residential construction and engineering projects such as the condensate processing facility and the Blacktip gas pipeline. ABS-reported employment data does not include defence personnel or fly-in fly-out workers and as such does not capture all types of employment in the Territory. Even more importantly, ABS employment data for the Territory is subject to very high levels of volatility and must be interpreted and considered in conjunction with a range of other economic indicators. -10 -5 0 5 10 15 00 01 02 03 04 05 06 07 % SFD Employment Year ended June Territory State Final Demand and Employment Growth (year on year) Source: Northern Territory Treasury, ABS Cat. Nos. 5206.0, 6202.0

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