Territory Stories

Budget 2013/14 Northern Territory Economy

Details:

Title

Budget 2013/14 Northern Territory Economy

Other title

Tabled paper 295

Collection

Tabled papers for 12th Assembly 2012 - 2016; Tabled papers; ParliamentNT

Date

2013-05-14

Description

Tabled by David Tollner

Notes

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.

Language

English

Subject

Tabled papers

Publisher name

Department of the Treasury and Finance

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00866

Parent handle

https://hdl.handle.net/10070/273751

Citation address

https://hdl.handle.net/10070/426369

Page content

Labour Market 53 Northern Territory Economy Labour Market The Northern Territorys labour force of around 125000 people is typically young, mobile and transient. Skilled labour shortages are a key characteristic of the Territorys labour market and are exacerbated during the construction phases of major projects. Public administration and safety, retail trade and construction industries are the largest employing sectors in the Territory. Over 2011-12, employment in the Territory, as measured by the Australian Bureau of Statistics (ABS) Labour Force Survey (LFS), averaged 122574. This excluded full-time defence personnel and fly-infly-out (FIFO) workers, who are not measured in the LFS. Defence is a major employer with 5326 full time defence force members in the Territory as at June 2012. FIFO labour accounted for more than 5000additional workers as at the 2011 Census of Population and Housing. Employment growth in the Territory is expected to strengthen to 2.0percent in 2012-13 before further strengthening to 3.0percent in 2013-14, reflecting increasing construction activity on a number of major projects. The Territorys unemployment rate is expected to remain steady at 4.1percent in 2012-13, and is expected to decline to 3.7percent in 2013-14 in line with increased employment opportunities. Wages growth is estimated to moderate to 3.3percent in 2012-13 largely due to weakness in sectors such as the retail, hospitality and tourism industries, before increasing to 3.4percent in 2013-14 as competition for labour in industries such as construction and mining increases. Employment growth is expected to continue to strengthen in 2014-15 alongside the peak construction period for some major projects, before slowing in 2015-16. Employment growth is expected to be weak in 2016-17, with fewer new employment opportunities as major projects are completed. Northern Territory 2011-12a 2012-13e 2013-14f 2014-15f 2015-16f 2016-17f Employment growth, %1 1.4 2.0 3.0 4.5 1.5 0.5 Resident employment, number2 122 574 124 543 128 279 134 051 136 062 136 743 Unemployment rate, %2 4.1 4.1 3.7 3.2 3.1 3.5 Participation rate, %2 73.9 73.1 73.3 73.7 73.1 73.3 WPI, % 3.7 3.3 3.4 4.0 3.4 2.8 a: actual; e: estimate; f: forecast; WPI: wage price index 1 Year-on-year change 2 Year average Source: ABS Cat. No. 6202.0; Department of Treasury and Finance Chapter 5 Key points


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