More than 4000 Territorians back to work, against expectations, as NT unemployment rate drops

A STAGGERING resurgence in the number of jobs in the Territory has resulted in more than 4000 people returning to work, a large portion of them young people, in a single month.

A STAGGERING resurgence in the number of jobs in the Territory has resulted in more than 4000 people returning to work, a large portion of them young people, in a single month.

Australian Bureau of Statistics employment data for the month of August, the first set of figures that would reflect the reopening of the NT’s borders to most of the country, shows the Territory’s unemployment rate fell from 7.4 per cent to 4.2 per cent on seasonally adjusted terms.

Unemployment data for the Territory is highly volatile but Chief Minister Michael Gunner has notched the improved figures, which goes against economists’ predictions, as a sign the government’s plan to “save lives and save jobs” was working.

NT business Crocodylus Park has managed to hold onto 90 per cent of its workers through JobKeeper. Pictured is zookeeper Shoni Atkinson with some friendly common marmosets. Picture: Katrina Bridgeford.

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“We are the safest place in Australia, we are back in business and back to work before the rest of Australia, and we are starting the comeback before the rest of Australia,” Mr Gunner said.

“There is still a long way to go. There are still a lot of businesses hurting, and a lot of Territorians not working.

“But we are on the road to recovery.”

There were more people employed in the Territory in August this year (132,500) than there were in August 2019 (130,000).

The number of employed Territorians has not returned to this year’s pre-pandemic high in March (136,000).

The Territory’s unemployment rate for August is equal best in the nation alongside the Australian Capital Territory.

A bulk of the jobs created in the Northern Territory between July and August were part-time, with only 1000 full-time jobs returned.

Tasmanian-based economist Saul Eslake, who warned the statistics were prone to wild fluctuations, said it was a “reasonable bet” on “face value” that the reopening of the Northern Territory’s borders had caused the creation of a large number of part-time jobs to cater to visitors.

A total of 1400 people had re-entered the NT workforce between July and August, with the total number of people in work or looking for work recovering after the mysterious disappearance of 5000 workers in June.

Treasurer Josh Frydenberg during a press conference at Parliament House in Canberra. Picture: NCA NewsWire / Gary Ramage

Youth unemployment in the Northern Territory, which hit 19.2 per cent in July and the highest it had been since 2002, plunged to 7.9 per cent as 2100 young people found jobs in August.

Nationally, the unemployment rate fell to 6.8 per cent from 7.5 per cent, which Federal Treasurer Josh Frydenberg described as the economy “fighting back against the virus” and a testament to the country’s “remarkable resilience” in the face of the pandemic.

The effective unemployment rate, which includes people that are unemployed and those on zero hours, fell from 9.8 per cent to 9.3 per cent.

CommSec said its survey forecast was 7.7 per cent but instead, the biggest monthly fall in the jobless rate in 32 years was achieved.

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“There is no doubt that this is a stunning set of job figures – especially considering the nation’s second largest economy was in lockdown throughout the month,” it noted.

“There will still be bumps on the road ahead. However the hope is that the unemployment rate will now peak well below official forecasts of near 10 per cent.”

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