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

54 Labour Market 2013-14 Budget Background The demand for labour is linked to the demand for goods and services, the cost of labour and labour productivity. The supply of labour is determined by population changes, mobility of labour, skills shortages, wage expectations as well as preferences and willingness to work. There is a strong link between economic growth and employment growth. The Territorys labour market is typically characterised as being transient, having a low unemployment rate and a high labour force participation rate. This reflects the tendency of many people, particularly young people, to come to the Territory for employment opportunities. The Territory, as at March 2013, had the highest labour force participation rate of any jurisdiction in Australia, as well as one of the lowest unemployment rates. As such, it has little capacity to provide extra workers from within the local labour market as major projects commence. Consequently, the use of fly-infly-out (FIFO) labour and/or reliance on imported labour through migration is critical to the Territory. In 2011-12, the largest employing sectors in the Territory were: public administration and safety; healthcare and social assistance; construction; education and training; and retail trade. The structure of the Territorys labour market has changed significantly over the past ten years. In 2011-12, public administration and safety accounted for 14.3percent of Territory resident employment, compared with 22.9percent in 2001-02. In contrast, construction accounted for 10.3percent of resident employment in 2011-12, compared with 5.1percent in 2001-02. This change reflects increasing diversification of the Territory economy, the impact that population growth and strong housing demand has had on residential construction, and strong growth in engineering construction due to major projects and works related to the resources boom. Source: ABS Cat. No. 6291.00.55.003 Chart 5.1: Employment by Industry as a Proportion of Total 0 5 10 15 20 25 % Year ended June Public administration and safety Construction 02 03 04 05 06 07 08 09 10 11 12


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