Budget 2007-2008 Northern Territory Economic Overview
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.
Economy Overview Prices and Wages In 2006, Darwins Consumer Price Index (CPI) increased by 4.4percent, compared to a 3.5percent increase nationally. Inflation in the Territory is expected to fall significantly in 2007, largely reflecting moderating growth in housing prices and lower fuel and banana prices. Darwin CPI growth of 3.0percent and 2.5percent, is forecast for 2007 and 2008 respectively. In 2006, the Territorys Wage Price Index increased by 3.9percent compared to 4.0percent nationally. Strong wages growth in the Territory and nationally over the past two years reflects the impact on wages growth of the tight labour market and skilled labour shortages, especially in construction, mining and health. Wages growth in the Territory is expected to moderate in 2007 as the Alcan G3 refinery expansion is completed and growth in public sector wages is constrained by the Territory Governments public sector wages policy. -1 0 1 2 3 4 5 6 7 98 99 00 01 02 03 04 05 06 07e 08f Darwin (quarterly) Eight capitals (quarterly) Darwin (year on year) Eight capitals (year on year) % Year ended December Consumer Price Index e: estimate; f: forecast Source: Northern Territory Treasury, ABS Cat. No. 6401.0