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

2003-03-01

Notes

Date:2003-03; 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/10070/212458

Citation address

https://hdl.handle.net/10070/716367

Page content

MARCH 2003 13 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic GLOSSARY Consumer Price Index A general indicator of the prices paid by household consumers for a specific basket of goods and services in one period relative to the cost of the same basket in a base period. Constant Dollars Real or chain volume terms. Used to remove the impact of price changes (inflation) in time series data. In the base year current prices equal constant prices. To convert current dollar values to constant dollar values it is necessary to deflate/inflate by the appropriate inflation index number. Current Dollars Nominal. A measure that is not adjusted for inflation or changes in the purchasing power of money. Current dollars specify the value at a certain point in time and are not used to compare value over a series of time periods. Dwelling Unit A self-contained suite of rooms, including cooking and bathing facilities, intended for long-term residential use. Employed Persons 15 years and older who worked for one hour or more in the week of the labour force survey. Final Consumption Expenditure The value of purchases of goods and services for consumption. Excludes purchases of fixed assets, intermediate goods or additions to inventories. Intermediate goods are those used as inputs for making other goods. Fixed Capital Formation Additions to the stock of real capital. Real capital represents assets, except land and natural resources, which are capable of producing income. For example, new and second-hand buildings, plant and equipment and roads. Goods and Services Tax From 1 July 2000 the Australian Government introduced a 10 per cent tax on goods and services replacing the previous wholesale sales tax regime. Some items like basic food, health, education and exports are GST free. Gross Domestic Product The total value of goods and services produced in Australia over the period for final consumption. Intermediate goods, or those used in the production of other goods, are excluded. GDP can be calculated by either summing total output, total income, or total expenditure. Gross State Product Similar to GDP, except it measures the total value of goods and services produced in a jurisdiction. It is the sum of all income, namely wages, salaries and profits, plus indirect taxes less subsidies. Labour Force All persons 15 years and over, who are available for work. That is, employed plus unemployed persons actively seeking work. Excludes defence force personnel and nonresidents. Original Terms Data in original terms is basic, raw data as collected in a survey or a census. It is not adjusted for seasonality, nor is it smoothed to remove irregularities to form a trend series. Participation Rate The proportion of the population over 15 years of age who are working or looking for work. Private Business Investment Private fixed capital formation for non-residential buildings and structures, machinery and equipment, livestock, intangible fixed assets and ownership transfer costs before depreciation. Seasonally Adjusted Terms The seasonally adjusted series is a time series of estimates with the effects of normal seasonal variation removed i.e. those fluctuations that exhibit a regular pattern at a particular time of year. Seasonally adjusted terms allow the effects of other non-seasonal influences on the series to be more clearly recognised. State Final Demand Final Consumption Expenditure plus Gross Fixed Capital Formation in each jurisdiction. It represents the total expenditure on consumption and investment in a jurisdiction. Trend Terms The trend series is used to analyse the underlying behaviour of the series over time. Trend terms are derived by smoothing the seasonally adjusted series so as to reduce the impact of any irregular components of that series. Unemployed Persons 15 years and older who were not employed during the week of the labour force survey and were actively looking for work in the last four weeks. Unemployment rate The number of unemployed persons expressed as a percentage of the labour force.


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