Adelaide Graduate School of Business, University of Adelaide and International Graduate School of Business, University of South Australia. The authors are grateful to Associate Professor Bala Nadarajah, an Editor, and two anonymous referees for valuable comments and suggestions. All remaining errors and imperfections are the responsibility of the authors.
REGIONAL ECONOMIC GROWTH: AN EVALUATION OF THE NORTHERN TERRITORY
Version of Record online: 13 APR 2010
2005 The Economic Society of Australia
Economic Papers: A journal of applied economics and policy
Volume 24, Issue 3, pages 194–214, September 2005
How to Cite
Anwar, S. and Prideaux, B. (2005), REGIONAL ECONOMIC GROWTH: AN EVALUATION OF THE NORTHERN TERRITORY. Economic Papers: A journal of applied economics and policy, 24: 194–214. doi: 10.1111/j.1759-3441.2005.tb00374.x
- Issue online: 13 APR 2010
- Version of Record online: 13 APR 2010
- Northern Territory;
- Regional economic growth
The Gross Product of the Northern Territory accounts for approximately 1.2% of Australian GDP. The economic growth record of NT in the past few years has been well below all Australian states and territories but the per capita income of NT remains higher than the national per capita income. Due to continued interstate migration, higher birth rate among the indigenous population and the inability of NT to attract international migrants, the Territory's population mix is slowly changing. This paper shows that the NT's economic growth rate is closely linked to the growth rate of labour force and private investment. Although the overall labour force participation-rate is almost unchanged, the male and female participation rates are moving in the opposite direction. Finally, the paper presents short-term forecasts for NT's Gross State Product per person employed, private investment and employment. The forecasting exercise shows that the cyclical pattern is likely to continue in the near future.