Territory Stories

Territory economic review

Details:

Title

Territory economic review

Other title

Economic Group

Creator

Northern Territory. Department of Treasury and Finance

Collection

Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals

Date

2014-12-01

Notes

Made available via the Publications (Legal Deposit) Act 2004 (NT).; This publication contains may contain links to external sites. These external sites may no longer be active.

Language

English

Subject

Northern Territory -- Economic conditions -- Periodicals

Publisher name

Northern Territory Government

Place of publication

Darwin

File type

application/pdf

Copyright owner

Northern Territorty Government

Parent handle

https://hdl.handle.net/10070/254030

Citation address

https://hdl.handle.net/10070/534437

Related items

https://hdl.handle.net/10070/534440; https://hdl.handle.net/10070/534442; https://hdl.handle.net/10070/534443; https://hdl.handle.net/10070/534445; https://hdl.handle.net/10070/534438

Page content

6 Economic Group, Department of Treasury and Finance Prices and Wages Darwin CPI increased by 0.2 per cent in the September quarter 2014 Territory WPI grew by 0.9 per cent in September quarter 2014 Average unleaded fuel price in the Territory 159.3 cents per litre Prices Compared to the June quarter 2014, Darwin's consumer price index (CPI) increased by 0.2 per cent in the September quarter 2014 (Chart 6). This was the second lowest quarterly increase (equal with Melbourne) of all the capital cities. In other capitals cities, the quarterly increase in the CPI ranged between an increase of 0.1 per cent in Hobart and 0.7 per cent increase in Brisbane. Chart 6: Percentage point contribution to CPI change in the quarter Source: ABS, Consumer Price Index, Cat. No. 6401.0 The main contributors to the quarterly growth in Darwin CPI were increases in the costs of: recreation and culture (contributing 0.17 percentage points); transportation (contributing 0.13 percentage points); and food and non-alcoholic beverages (contributing 0.07 percentage points). In annual terms (comparing September 2013 to September 2014), Darwins CPI moderated from 3.4 per cent to 2.7 per cent. In other capitals, the annual increase in the CPI ranged from 1.9 per cent in Hobart to 2.6 per cent in Perth and Brisbane. The eight capital cities CPI increased by 2.3 per cent in annual terms. The largest contributor to Darwins annual CPI growth was tobacco and alcohol (contributing 0.58 percentage points), followed by food and non-alcoholic beverages (0.54 percentage points) and housing (0.49 percentage points). Wages In the year to September 2014, the Territorys wage price index (WPI) grew by 2.7 per cent. This reflects a 2.5 per cent increase in public sector WPI and a 2.9 per cent increase in private sector WPI. Nationally, the WPI grew by 2.6 per cent over the same period. In other jurisdictions, growth in the WPI in the year to September 2014 ranged from 2.1 per cent in the Australian Capital Territory to 3.1 per cent in South Australia. The latest average weekly full-time earning (AWFTE) data is for May 2014. In the year to May 2014, the AWFTE in the Territory remained flat at $1511 in original terms. This comprised of a 2.2 per cent growth in public sector wages to $1588 which was offset by a 1.2 per cent decrease in private sector wages to $1467 (Chart 7). Chart 7: Average weekly full time earnings, year on year change Source: ABS, Average Weekly Earnings, Cat. No. 6302.0 Nationally, the AWFTE increased by 2.6 per cent to $1516 in original terms in the year to May 2014. This was driven by a 4.0 per cent increase in private sector wages and a 3.8 per cent increase in public sector wages. Fuel prices In the week ending 23 November 2014, the average price for unleaded fuel in the Territory was 159.3 cents per litre (cpl), a decrease of 10.7 cpl from the same period last year. The average retail ULP price over the period was 155.3 cpl in Darwin, 174.5 cpl in Alice Springs, 154.7 in Katherine and 174.0 cpl in Tennant Creek. Nationally, the average unleaded fuel price was 142.8 cpl. This equals to a price differential between the Territory and Australia of 16.5 cpl. -0.20 0.00 0.20 Financial Services Education Recreation Communication Transportation Health Furnishings Housing Clothing & Footwear Alcohol & Tobacco Food 8 Capitals Darwin 0 2 4 6 8 NSW Vic Qld WA SA Tas ACT NT Aust Private Public %


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