NT’s job vacancy rates the best in the nation, but show little growth over time: Economist

THERE is almost one job vacancy for every two unemployed people in the NT – but the numbers aren’t all good, according to a leading economist.

THERE is almost one job vacancy for every two unemployed people in the NT – but the numbers aren’t all good, according to a leading economist.

New Australian Bureau of Statistics figures show job vacancy rates remained steady at 4200 in the Territory between the August 2020 and November 2020 quarters, but rose by 22 per cent compared to the November quarter in 2019.

It’s the lowest number in the nation, where rates jumped by up to 50 per cent (in Tasmania) on the previous quarter.

Economist Saul Eslake said the Territory was doing just as well as the rest of the country in its economic recovery from COVID-19, but getting back to pre-pandemic levels wasn’t enough for the NT.

“There’s roughly 1.7 unemployed people in the Northern Territory for every vacancy.

“That’s the lowest figure for any state or territory except the ACT,” Mr Eslake said.

“(But) the Northern Territory has to do better than return to where it was this time last year, because where it was this time last year wasn’t very good.

“The Gunner government inherited a financial mess from its predecessors.

“Although they’ve stopped it getting worse, it hasn’t really gotten better.”

The Centrelink office on Knuckey St in the Darwin CBD. Picture: Che Chorley

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Mr Eslake said the Territory’s labour force also shrank by 8.2 per cent between March 2017 and November 2020 as people moved interstate or stopped looking for work.

Chief Minister Michael Gunner said the government was continuing to support businesses through small business grants and tourism vouchers.

“There are now more jobs available in the Territory than there was before the coronavirus crisis began,” he said. “We are still in a global economic crisis, and we aren’t out of the woods yet, but this shows we are on the road to recovery.”

However, deputy leader of the opposition Gerard Maley said the unmoved job vacancy figures for the Territory demonstrated businesses lacked the same level of confidence in the economy compared to elsewhere in the country.

“It is time for Labor to take immediate action by cutting approval times, getting mines and onshore gas enterprises up and running, and making it easier to operate in the Territory,” he said.

“If additional stimulus is needed, that should be considered, but it should be targeted in order to leverage increased private investment and local jobs.”

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Nationally, job vacancies over the November 2020 quarter rose 23 per cent on the previous quarter, and were 12 per cent higher than the same month in 2019.