Territory economic review
NT Treasury, Economic Analysis Division
Territory economic review; Department of Treasury and Finance newsletters; PublicationNT; E-Journals
Date:2001-10; 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.
Northern Territory -- Economic conditions -- Periodicals
Northern Territory Government
Northern Territorty Government
OCTOBER 2001 4 TERRITORY ECONOMIC REVIEW www.nt.gov.au/ntt/economic LATEST ECONOMIC STATS Employment In original terms, employment in the Territory decreased by 0.9 per cent in August, following a 1.1 per cent decline in July. In trend terms, Territory employment increased by 0.7 per cent to 99 000. The trend participation rate rose by 0.8 of a percentage point, resulting in an unemployment rate of 7.9 per cent (up from the July figure of 7.5 per cent). Trend full time employment increased 0.1 per cent during the month and part time employment increased by 3.4 per cent. Although difficult to explain, the pick up in trend employment since mid 2000, as reported by the ABS, has seen aggregate employment exceed levels achieved in 1999 at the peak of the cycle. Northern Territory Employment (latest data August 2001) 80 85 90 95 100 1996 1997 1998 1999 2000 2001 2002 80 85 90 95 100'000 Financial Year Unadjusted Trend '000 Source: ABS data Unemployment Despite trend employment increasing by 9.4 per cent since mid-2000, this growth is yet to lead to a fall in the trend unemployment rate. Over the same period trend unemployment has risen 3.0 percentage points to be 7.9 per cent in August 2001. A implausibly large increase in the Territory participation rate since mid-2000 has meant that the resultant unemployment rate has increased, despite the pick-up in employment growth. The unemployment rate should, however, start to fall as the participation rate returns to longer term trend levels. Unemployment (latest data August 2001) 0 2 4 6 8 10 1996 1997 1998 1999 2000 2001 2002 0 2 4 6 8 10 percent Financial Year Northern Territory (unadjusted) Northern Territory (trend) percent Source: ABS data Retail Growth in real retail turnover at the Territory and national level slowed over most of 2000, reflecting higher interest rates and petrol prices reducing consumer retail spending. Real Territory retail turnover fell 0.3 per cent over the June quarter and by 2.0 per cent in year on year terms. Lower year on year figures reflect the strength of the previous years December and March quarters, due to the East Timor relief effort, followed by a stronger than usual June quarter due to pre-GST spending. In nominal, seasonally adjusted terms Territory retail turnover increased by 0.7 per cent over the month of August, while nationally, an increase of 0.2 per cent was recorded. Constant Price Retail Turnover (latest data June quarter 2001) -10 -5 0 5 10 15 91 92 93 94 95 96 97 98 99 00 01 -10 -5 0 5 10 15 Northern Territory Australia Moving Annual Total annual percent change Financial Year Moving Annual Total annual percent change Source: NT Treasury, ABS data