Territory Stories

Territory economic review

Details:

Title

Territory economic review

Creator

NT Treasury, Economic Analysis Division

Collection

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

Date

2003-04-01

Notes

Date:2003-04; 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/10070/212459

Citation address

https://hdl.handle.net/10070/716366

Page content

APRIL 2003 8 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic EMPLOYMENT Employment Growth* -4 -2 0 2 4 6 8 10 12 90 91 92 93 94 95 96 97 98 99 00 01 02 03 -4 -2 0 2 4 6 8 10 12 per cent per cent Year ended June Australia Northern Territory * year on year, annual per cent change Source: NT Treasury, ABS data Labour market profile The Territorys labour market profile differs significantly from that of Australia, largely as a result of remoteness, transience and seasonality of demand. Compared to the rest of Australia, the Territory attracts a disproportionate number of young, mobile workers, who often view their stay as short to medium term. young and mobile Large interstate migration flows mean that some 8 to 10 per cent of the Territorys population changes each year, around four times the level experienced in other jurisdictions (apart from the Australian Capital Territory). The transience of the youthful workforce, combined with issues of remoteness, increase staff turnover rates and impose significant recruitment and training costs on employers. High turnover also results in a continual loss of expertise, often leading to skill shortages in the Territory labour force. skills shortages High turnover is reflected in Territory job vacancy rates which, for both skilled and unskilled positions, tends to outweigh the Territorys proportion of national employment. Strong growth phase in mid-1990s In the five years to 1999, Territory employment experienced remarkably strong growth. Trend employment increased from 72 300 in March 1994 to 96 000 in March 1999, an average annual rate of 5.8 per cent. Strong economic and population growth in this period was largely attributable to the defence relocation program and associated investment and employment across many industry sectors, notably the services sectors. ended as defence-related stimulus fell away The Territory labour market peaked in mid-1999. As the major investment phase of the defence relocation program tailed off there was a deterioration in economic activity and employment growth. Construction activity slowed dramatically, affecting population growth as interstate migration switched from a large positive to a net outflow. Higher interest rates subsequently affected retail sales, motor vehicle sales and other consumption expenditure. Poor local business and consumer sentiment and the downturn in investment and consumption subsequently fed into the weaker demand for labour. In the period since the peak in early 1999, trend employment in the Territory has increased by an estimated 2 700 (all part-time), an average annual increase of 0.7 per cent and well below growth in the labour force. National employment growth over the same period averaged 2.3 per cent per annum. job market boosted by railway construction Territory employment growth strengthened in 2001-02 after recording negative growth in 2000-01. Despite a significant downturn in international tourism, the labour market strengthened following a pick up in private consumption expenditure and the boost associated with the commencement of railway construction.


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