Mr GUNNER - 2009-02-12
This morning, the Australian Bureau of Statistics released Labour Force Statistics for January, including unemployment figures. What do these figures mean for the Australian and Northern Territory economies?
ANSWER
Madam Speaker, I thank the member for Fannie Bay for his question. The figures released today showed an increase. The national unemployment rate is now at 4.8%. For the Northern Territory, our trend unemployment has risen to 4.2%, up from 3.8%. While the unemployment rate is increasing, the number of jobs, that is, labour force participation, is also increasing, both nationally and in the Territory. Nationally, the number of jobs increased by 1200. That is in stark contrast to market expectations that thought the number of jobs would drop nationally by 18 000. However, it does bode for tough times ahead.
In the Territory, the number of jobs has increased by 440 in January. The better than expected figures have been attributed to the Rudd government’s previous $10.4bn stimulus package from October of last year. ANZ senior economist, Katie Dean, said today that the recent interest rate cuts and the stimulus package helped buoy the market. ‘The policy stimulus measures are having an impact’, she said. There is no doubt that without another stimulus package jobs will be lost.
That is why the Territory government is calling on the CLP Senator Nigel Scullion to vote tonight for Territorians before his Liberal mates in Canberra, to vote for the economic stimulus package, to vote for jobs for Territorians.
ANSWER
Madam Speaker, I thank the member for Fannie Bay for his question. The figures released today showed an increase. The national unemployment rate is now at 4.8%. For the Northern Territory, our trend unemployment has risen to 4.2%, up from 3.8%. While the unemployment rate is increasing, the number of jobs, that is, labour force participation, is also increasing, both nationally and in the Territory. Nationally, the number of jobs increased by 1200. That is in stark contrast to market expectations that thought the number of jobs would drop nationally by 18 000. However, it does bode for tough times ahead.
In the Territory, the number of jobs has increased by 440 in January. The better than expected figures have been attributed to the Rudd government’s previous $10.4bn stimulus package from October of last year. ANZ senior economist, Katie Dean, said today that the recent interest rate cuts and the stimulus package helped buoy the market. ‘The policy stimulus measures are having an impact’, she said. There is no doubt that without another stimulus package jobs will be lost.
That is why the Territory government is calling on the CLP Senator Nigel Scullion to vote tonight for Territorians before his Liberal mates in Canberra, to vote for the economic stimulus package, to vote for jobs for Territorians.
Last updated: 09 Aug 2016