What is happening in the Territory economy
- Northern Territory Economy PDF (1.9 MB)
- Industry Outlook PDF (1.2 MB)
- BP2 Budget Strategy and Outlook PDF (1.2 MB)
The Territory is greatly influenced by external economic factors such as exchange rates, commodity prices, interstate and international migration flows, and investment in major projects. The unique structure of the economy is also affected by the small population, spread over a large and mostly remote area.
The Northern Territory Economy book PDF (1.9 MB) provides key economic forecasts and a detailed discussion of the outlook for the Territory economy, including growth, employment, population, trade, and national and international economic conditions.
The economy is discussed in many sections of the budget papers. To find out about the different economic factors, you can start with the Executive summary of BP2 Budget Strategy and Outlook, in particular, Table 1.2:
BP2, Table 1.2: Territory key economic indicators (%)
| 2022-23e | 2023-24f | 2024-25f | 2025-26f | 2026-27f | |
|---|---|---|---|---|---|
| Gross state product1 | - 5.1 | 2.7 | 2.1 | 4.5 | 0.6 |
| State final demand1 | 2.5 | 2.3 | - 0.5 | - 0.7 | 1.4 |
| Population2 | 0.4 | 0.9 | 1.0 | 1.0 | 1.0 |
| Employment1 | 4.1 | 2.2 | 0.0 | 0.3 | 1.1 |
| Unemployment rate3 | 3.9 | 4.2 | 4.3 | 4.3 | 4.1 |
| Consumer price index1 | 6.4 | 3.5 | 2.5 | 2.3 | 2.4 |
| Wage price index1 | 3.0 | 3.6 | 3.5 | 3.3 | 3.1 |
e: estimate; f: forecast
1 Year-on-year percentage change.
2 June quarter compared with June quarter the previous year.
3 Year average.
Source: Department of Treasury and Finance, ABS
Gross state product – the total value of goods and services produced in a state or territory. It can be calculated by measuring expenditure, where it is the sum of state final demand and international and interstate trade, changes in the level of stocks, and a balancing item.
State final demand – is a measure of the demand for goods and services in an economy. While state final demand includes consumption and investment expenditure, it does not include the contribution of trade or changes in inventories to economic growth and as such is not a comprehensive measure of economic growth.
Population – the net population growth, that is, the sum of births, deaths and net migration (interstate and international).
Employment – the change in the number of employed persons in the labour force.
Unemployment rate – the change in the number of unemployed persons in the labour force.
Consumer price index – measures changes in the price of a predetermined basket of consumer goods and services purchased by households, compared to a base year.
Wage price index – measures changes over time in wages and salaries of employees, unaffected by changes in the quality or quantity of work performed, compared to a base year.