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THE LABOUR FORCE
There were an estimated 222,300 persons (based on trend estimates) in the labour force in August 2003 and an estimated 379,100 civilian Tasmanians aged 15 years or more, yielding a labour force participation rate of 58.7%, compared to 58.0% in August 2002. The Australian labour force participation rate for August 2003 was 63.5%, unchanged from the August 2002 estimate - see Labour Force, Australia (cat. no. 6202.0).
The trend estimate of the number of unemployed persons in Tasmania for August 2003 was 15,500 compared to 18,500 in August 2002. The trend estimate of the unemployment rate for August 2003 was 7.0%, a decrease from the August 2002 figure of 8.5%. The Australian trend estimate of the unemployment rate was 6.0% in August 2003 compared to 6.2% in August 2002 - see Labour Force, Australia (cat. no. 6202.0)
In trend terms, the number of housing finance commitments in Tasmania for July 2003 was 1,304, an increase of 4.7% from the previous month. In the same period, the trend estimate for Australia increased by 1.7%.
The Tasmanian trend estimate increased by 20.0% between July 2002 and July 2003, while the national trend estimate increased by 9.8%. The changes in the number of housing finance commitments over the same period for the other states and territories were Victoria (4.8%), Queensland (20.6%), South Australia (11.5%), Western Australia (16.4%), Northern Territory (38.5%), Australian Capital Territory (1.7%) and New South Wales (3.5%) - see Housing Finance for Owner Occupation, Australia (cat. no. 5609.0).
HOUSING FINANCE, Tasmania: Number of dwellings
HOUSING FINANCE, Australia: Number of dwellings
GOVERNMENT FINANCIAL ESTIMATES
Government Financial Estimates, Tasmania, Electronic Delivery (cat no. 5501.6.55.001) released 9 August 2002, features forward estimates for 2002-03, estimated outcomes for 2001-02, and final data for 2000-01 back to 1998-99, for the Tasmanian State General Government sector, Public Non Financial Corporations and the consolidated Non-Financial Public Sector.
The introduction of the GST, by the Commonwealth Government on 1 July 2000, has seen the elimination of a number of state taxes and in particular the petroleum, liquor and tobacco franchise taxes from July 1 2000. The decrease in state taxes was accompanied by increases in Commonwealth grants under the arrangements agreed to by the states and the Commonwealth. The abolition of Financial Institutions Duty and the Electricity Levy from 1 July 2001 further reduced state taxes for 2001-02. Collections from duty on conveyances peaked in the year ended 30 June 2002 because of the impact of the Commonwealth Government's grants for First Home Owners. Along with the abolition or reduction in other state taxes, the drop-off in the expected duties on conveyances resulted in state tax collections expected to be lower again in 2002-03.
Expenditure on new fixed assets by Public Non-Financial Corporations in the year ended 30 June 2002, increased dramatically due to the acquisition of the two new Bass Strait ferries at a total cost of $290 million. Increased spending on electricity infrastructure also contributed to the high figure. Capital expenditure for 2002-03 is expected to return to more normal levels.
There were 260 dwelling units approved during July 2003, including 223 new houses. This compares to 189 dwelling units approved during June 2003, including 167 new houses. The number of dwelling units approved in July 2003 increased by 45.3% from the 179 approvals recorded in July 2002.
At current prices, the value of total building was $63.3 million in July 2003, which was 4.2% above the June 2003 figure of $60.8 million and 15.5% above the July 2002 figure of $54.8 million. Residential building contributed $47.0 million and non-residential building $16.3 million in July 2003 - see Building Approvals, Australia (cat. no. 8731.0).
SALES OF NEW MOTOR VEHICLES
In trend terms, there were 1,540 new motor vehicles sold in Tasmania in August 2003, compared to 1,502 sold in July 2003. The number of new motor vehicles sold in August 2003 increased by 22.1% from the August 2002 figure of 1,261. Passenger vehicles represented 61.4% of all new vehicles sold in Tasmania in August 2003. Nationally, the trend estimate of new motor vehicles sold in August 2003 was 79,278, an increase of 13.7% from the August 2002 figure of 69,707 - see Sales of New Motor Vehicles, Australia (Electronic Publication) (cat. no. 9314.0).
In trend terms, the estimate of retail turnover in Australia for July 2003 was $15,074.5 million, a 5.8% increase from the July 2002 estimate of $14,251.6 million. In trend terms, the estimate of retail turnover in Tasmania for July 2003 was $317.9 million, 8.6% above the figure recorded in July 2002 ($292.8 million) - see Retail Trade, Australia (cat. no. 8501.0).
In original terms, the estimate of total capital expenditure at current prices for Australia in the June quarter 2003 was $13,423 million, a 15.2% increase from the March quarter estimate of $11,649 million. In original terms, the estimate of total capital expenditure at current prices for Tasmania in the June quarter 2003 was $207 million, a 7.6% decrease from the March quarter 2003 estimate of $224 million.
For Tasmania in the June quarter 2003, the estimate for expenditure on buildings and structures decreased by 47.9% and the estimate for expenditure on equipment, plant and machinery increased by 11.3%. The estimates of expenditure by Mining and Manufacturing each decreased in the June quarter - see Private New Capital Expenditure and Expected Expenditure, Australia (cat. no. 5625.0).
In July 2003, the trend estimate for Tasmania for the number of cattle and calves slaughtered decreased by 4.5% over the previous month. Over the same period, the trend estimate for the number of sheep and lambs slaughtered increased by 2.4%, while the trend estimate for the number of pigs remained steady.
The trend estimate for the number of cattle and calves slaughtered in July 2003 was 18,000, up by 6.1% on the estimate for July 2002 and up by 3.2% on the estimate for July 2001.
The trend estimate for the number of sheep and lambs slaughtered in July 2003 was 75,300, up by 13.9% on the estimate for July 2002 and up by 10.0% on the estimate for July 2001.
The trend estimate for the number of pigs slaughtered in July 2003 was 3,540, down by 12.2% on the estimate for July 2002 and down by 25.2% on the estimate for July 2001.
The value of Tasmania's exports for the month of July 2003 was $180 million, an increase of 11% on the month of June 2003. Australia's exports for July 2003 totalled $8,547 million, a decrease of 3% on the previous month.
Tasmania's major export destinations for the month of July 2003 were Japan ($46.9 million), the United States of America ($30.4 million) and Korea ($20.6 million). Major commodity groups exported for the month were non-ferrous metals ($65.4 million), fish, crustaceans and molluscs ($14.3 million) and metallic ores and metal scrap ($8.0 million).
ESTABLISHED HOUSE PRICE INDEX
The June quarter 2003 Established House Price Index for Hobart increased by 15.9% on the previous year's figure. Although the increase was large in comparison with previous years, Hobart's rise was still only 5th highest among the capitals. Brisbane recorded the largest annual increase of 26.3% while Darwin recorded the lowest (7.6%).
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