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Fast Facts: The Territory economy

Economic growth

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  In the 2010-11 Budget papers, the Northern Territory Treasury estimates economic growth in the Territory will moderate to 0.4% in 2009-10 mainly due to the completion of a number of major projects in the mining sector. Economic growth in 2009-10 has been underpinned by a widening international trade surplus and record levels of public investment.
  
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  In 2010-11, strengthening household consumption expenditure, record levels of public investment and a further widening in the trade surplus are forecast to be the major contributing factors to the economy growing by 3.6%.
  

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  Final Demand, a measure of the demand for goods and services in the economy, decreased by 2.2%, compared to an increase of 1.6% nationally. The decline in the Territory reflects the completion of a number of major projects in the mining sector such as the GEMCO refinery expansion on Groote Eylandt, ENI’s Blacktip project and development activity for the Montara oil field in the Timor Sea.
  
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  Public and private consumption expenditure rose by 1.7% to $12.5 billion, while total investment expenditure decreased by 9.8% to $5.6 billion.
  
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  In 2009, inflation adjusted construction work done in the Territory increased by 3% to $2.9 billion.
  
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  In the year to March 2010, the number of residential building approvals in the Territory increased by 38.5% to 1235. The increase was driven by strong growth in private and public housing approvals, up by 30.4% and 128.4% respectively.
  

Employment

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  In the year to April 2010, resident employment in the Territory increased by 4% to 119,263. This was the highest employment growth rate in Australia.
  
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  In April 2010, the trend unemployment rate in the Territory remained at 3.2%, the lowest rate of the jurisdictions and substantially below the national rate of 5.3%.
  
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  In April 2010, the trend labour force participation rate declined to 72.4%, but remained the second highest rate of the jurisdictions and substantially above the national rate of 65.2%.
  
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  The ANZ Bank Job Advertisement Series reports that the number of job vacancies in the Territory, in seasonally adjusted terms, increased by 61.4% from April 2009 to April 2010, while nationally they increased by 17.6% over this period.
  

Population

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  As at 30 September 2009, the Northern Territory’s population was estimated to be 227 025.
  
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  The annual rate of population growth was estimated to be 2.3%, the third highest growth rate of the jurisdictions and slightly above the national growth rate of 2.1%.
  

Inflation

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  In annual terms, growth in Darwin’s Consumer Price Index strengthened to 3.5% in the March quarter 2010. Nationally, the annual inflation rate strengthened to 2.9%.
  

Average weekly earnings

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  In 2009, Average Weekly Earnings for full-time adult employees in the Territory increased by 3.8% to $1211. Nationally, it increased by 5.1% to $1246.
  
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  Over the same period, the Territory’s Wage Price Index increased by 4%, compared to 3.5% nationally.
  

International trade

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  In the year to March 2010, Territory goods exports decreased by 24.9% to $4.9 billion, driven by falling commodity prices especially for key exports such as liquid natural gas (LNG), manganese, alumina and zinc-lead concentrate. Goods imports decreased by 27.6% to $3.1 billion, due to a decrease in the value of petroleum imports from Singapore and feedstock gas imports for the ConocoPhillips Wickham Point LNG plant. This has resulted in a trade surplus of $1.8 billion.
  

Retail trade and motor vehicle sales

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  In the year to March 2010, inflation adjusted retail trade turnover increased by 3.5% in the Territory, the fourth highest growth rate of the jurisdictions and compared to a 3.4% increase nationally.
  
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  In the year to March 2010, sales of new motor vehicles in the Territory decreased by 4.3% to 9535, mainly due to decreases in ‘other’ (trucks, utes and vans) vehicles and sports utility vehicles sales. Nationally, new motor vehicle sales increased by 1.5% to 976 185 over this period.
  

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