Territory Stories

Deloitte Access Economics

Details:

Title

Deloitte Access Economics

Creator

Northern Territory. Department of Treasury and Finance. Economic Group

Collection

Deloitte Access Economics; E-Journals; PublicationNT; Economic brief

Date

2022-03-31

Notes

This publication contains many links to external sites. These external sites may no longer be active.; Made available by the Library & Archives NT via the Publications (Legal Deposit) Act 2004 (NT).; Released: 25 April 2022 | Next release: July 2022

Language

English

Subject

Northern Territory -- Economic conditions -- Periodicals

Publisher name

Northern Territory Government

Place of publication

Darwin

Series

Economic brief

Volume

Brief, March quarter 2022

File type

application/pdf

Use

Attribution International 4.0 (CC BY 4.0)

Copyright owner

Northern Territory Government

License

https://creativecommons.org/licenses/by/4.0/

Parent handle

https://hdl.handle.net/10070/863981

Citation address

https://hdl.handle.net/10070/863982

Page content

Deloitte Access Economics Department of TREASURY AND FINANCE Page 2 of 3 Labour market Employment change NT Aust 2021-22 (estimate) 0.2% 3.0% 2022-23 (forecast) 2.5% 2.2% Five year average annual growth rate 1.6% 1.8% Territory employment is estimated to increase by 0.2% in 2021-22 (Chart 4). In the five years to 2025-26, employment growth in the Territory is forecast to average 1.6% per annum. In other jurisdictions employment growth is forecast to range from 0.9% in South Australia to 2.0% per annum in Queensland and Western Australia. Nationally, employment growth is forecast to average 1.8% per annum over the same period. The Territorys unemployment rate is forecast to average 3.7% over the five years to 2025-26, below the national average of 4.0%. In other jurisdictions, the average annual unemployment rate over the five years ranges from 4.5% in South Australia to 3.0% in the Australian Capital Territory. Population Population change NT Aust 2021-22 (estimate) 0.2% 0.4% 2022-23 (forecast) 0.6% 0.8% Five year average annual growth rate 1.0% 0.9% DAE estimates Territory population to decrease by 0.2% in 2021-22 (Chart 5). Over the next five years, DAE forecasts Territory population to grow at an average rate of 1.0% per annum, slightly above an average of 0.9% per annum nationally. The Territorys five year average annual population growth forecast is the third highest of the jurisdictions, below Queensland and Western Australia. In the other jurisdictions, average annual population growth over the five years to 2025-26 ranges from 0.3% in Tasmania to 1.4% in Queensland. Consumer price index (CPI) CPI growth NT Aust 2021-22 (estimate) 6.0% 3.9% 2021-22 (forecast) 3.4% 3.5% Five year average annual growth rate 3.3% 2.9% Darwins CPI is estimated to increase by 6.0% in 2021-22 (Chart 6). Over the five years to 2025-26 DAE expects growth to average 3.3% per annum, above the national growth of 2.9%, and slightly above the Reserve Bank of Australias target range. -5 -4 -3 -2 -1 0 1 2 3 4 5 6 12 14 16 18 20 22e 24f 26f Chart 4: Employment (year-on-year percentage change) % Source: Australian Bureau of Statistics and Deloitte Access Economics Business Outlook Year ended June Northern Territory Australia -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 12 14 16 18 20 22e 24f 26f Chart 5: Population (year-on-year percentage change) % Source: Australian Bureau of Statistics and Deloitte Access Economics Business Outlook Year ended June Northern Territory Australia 0 1 2 3 4 5 6 7 12 14 16 18 20 22e 24f 26f Chart 6: Consumer price index (year-on-year percentage change) % Source: Australian Bureau of Statistics and Deloitte Access Economics Business Outlook Year ended June Northern Territory Australia


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