A mixed bag for Territory economy

Commsec's State of the States report for the March quarter indicates the economic performance of the Northern Territory was again a mixed bag.

The report is produced by the Commonweaalth Bank and gives a detailed analysis of each state's economic performance based on eight key indicators.

The report shows the Northern Territory economy is being carried along by consumer spending and a strong jobs market.

Retail spending which continues to buoy the economy in the Northern Territory was 22 per cent above decade-average levels -- higher than anywhere in Australia.

Spending has been supported by the strongest employment market in Australia. The Northern Territory’ unemployment stands at only 3.1%

On the down side, the Northern Territory is the only place in Australia where construction work is not substantially higher than the decade average.

In fact, it is down 28 per cent on the ten year average. It is also two per cent lower than this time last year, says the report.

The report reveals also that the Northern Territory currently has the weakest economy in Australia when it comes to housing finance.

Another point made in the report is that population growth in the Northern Territory was the slowest in seven years.

Prepared by Bob Woodward & Associates: offering you business consultancy, accounting, payroll administration and ancillary services in Darwin, The Northern Territory, Australia
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