ABS data shows new capital expenditure in the NT jumped 111.5 per cent in June quarter

New, private capital expenditure in the Territory has a record jump in this year’s June quarter, the largest increase of the jurisdictions according to new data.

PRIVATE new capital expenditure in the Territory jumped in this year’s June quarter by a record 111.5 per cent to $588m, the largest increase of any jurisdiction, according to new Australian Bureau of Statistics (ABS) data.

The quarterly increase reflects a 187.8 per cent increase in expenditure on buildings and structures to $423m — the highest level since the December quarter 2018 — and a 25.2 per cent increase in expenditure on equipment, plant and machinery to $164m.

Other jurisdictions reported changes ranging from a 3.3 per cent decrease in South Australia, the only decrease, to a 29.7 per cent increase in the Australian Capital Territory. The record breaking capital expenditure results also come at the same time as the Northern Territory retail trade figures recorded 2.2 per cent growth and a 6.9 per cent increase in jobs over the last year. The ABS warned that in the short term, the measurement for retail trade would be significantly affected by changes to regular patterns in retail spending that will occur during the coronavirus pandemic.

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It said that in July restrictions continued to impact multiple states and territories

Northern Territory restrictions introduced in June remained in effect until July 2.

In relation to payroll jobs data, the industries reporting the fastest growth in jobs in the Territory are:

FINANCIAL and insurance services, with jobs up by 18.2 per cent.

EDUCATION and training, with jobs up by 17.5 per cent.

ARTS and recreation services, with jobs up by 16.7 per cent.

Jobs in construction increased by 2 per cent and healthcare and social assistance workers were up 3.5 per cent. Chief Minister Michael Gunner said the figures showed the NT was on the road to recovery from the Covid-19 crisis. “These figures show strong confidence … private investment is unlocking the Territory’s capabilities and turbocharging our economy,” he said. “The more private investment we secure, the more opportunities we are creating for local businesses which flow on to more jobs for Territorians. Because we locked down so hard and quickly when we needed to, we have managed to get back to business faster, and continue our economic comeback.”