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

56 Labour Market 2013-14 Budget Employment Growth in resident employment in the Territory is estimated to strengthen from 1.4percent in 2011-12 to 2.0percent in 2012-13, mainly due to strong growth in construction employment related to the ongoing development of a number of major projects such as the Ichthys project, the DarwinCorrectional Precinct and mine expansions (see Chapter 10: Mining and Manufacturing). Strong growth in residential construction activity and increasing output from the mining industry are also expected to support employment growth over the year, although some positions may be filled by FIFO workers. In contrast, employment growth in the retail and tourism industries is expected to be weak, as the retail sector continues to be affected by increasing competition from online retailers (see Chapter 7: Retail and Wholesale Trade) and tourism by the ongoing decline of international visitor arrivals to the Territory (see Chapter13:Tourism). Both of these sectors are affected by the continued strength of the Australian dollar (see Chapter6:Prices). Growth in public sector employment is also expected to be below long-term trend levels reflecting tightening Commonwealth and Territory Government budgets. Source: ABS Cat. No. 6202 Unemployment The unemployment rate increased to 4.1percent in 2011-12, due to rising participation rates as well as weakness in some sectors such as retail and accommodation, cafs and restaurants. Despite strengthening employment growth, the unemployment rate is expected to remain steady in 2012-13, as weakness in retail trade and tourism affects workers whose skills may not be easily transferable to stronger sectors such as construction. Demand Chart 5.2: Resident Employment (yearonyear percentage change) -3 -2 -1 0 1 2 3 4 5 6 7 03 04 05 06 07 08 09 10 11 12 13 Australia % Year ended June Northern Territory Supply


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