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ANALYSIS OF RESULTS
NEW SOUTH WALES – CONSTRUCTION DRIVES GROWTH REFLECTING STRONG INFRASTRUCTURE INVESTMENT
New South Wales (NSW) GSP grew 2.6% in 2017-18, driven by Construction and its supporting services industries. Construction gross value added (GVA) grew 6.1% recording its eleventh consecutive rise and exceeded national growth. This solid result in Construction GVA reflects ongoing public infrastructure investment. Services industries that support Construction, continued to increase with Professional Scientific and Technical Services (3.7%) and Administrative and Support Services (2.8%) both recording rises in GVA.
Services industries continued to dominate in NSW with Financial and Insurance Services GVA (3.0%) and Health Care and Social Assistance GVA (3.9%) recording growth.
The largest industries in NSW were Finance and Insurance Services, Professional Scientific and Technical Services, Construction and Health Care and Social Assistance. These industries make up over 32% of the total NSW economy.
NEW SOUTH WALES GVA BY INDUSTRY VS AUSTRALIA, % CHANGE
VICTORIA – HEALTH, CONSTRUCTION AND FINANCE DRIVES GROWTH
Victoria GSP grew 3.5% with Health Care and Social Assistance GVA (7.9%), Construction GVA (6.1%) and Financial and Insurance Services GVA (4.9%) contributing to nearly half of total economic growth in Victoria.
Victoria’s Health Care and Social Assistance industry exceeded national growth with the opening of new facilities. National Health Care and Social Assistance GVA recorded strength across all states in 2017-18 resulting in national growth of 6.3%. This national result reflects consistent public investment in health across State Governments.
Construction GVA lifted for the fifth consecutive year on the back of continual growth in dwelling construction and public infrastructure investment.
Financial and Insurance Services GVA industry continued to grow with population growth and high levels of new financial commitments during the year.
Retail Trade GVA in Victoria grew faster than the national average growth for Retail Trade reflecting an increase in household consumption expenditure.
VICTORIA GVA BY INDUSTRY VS AUSTRALIA, % CHANGE
QUEENSLAND – CONSTRUCTION DRIVES GROWTH ON THE BACK OF PRIVATE INVESTMENT
Queensland (QLD) GSP grew 3.4% faster than national GDP growth of 2.8%. Expansion in QLD’s economy was reflected in GVA growth in Construction (5.0%) and its supporting services industries as well as Electricity, Gas and Water Supply (8.6%) and Health Care and Social Assistance (5.5%).
Construction GVA growth reflected increased private investment in non-dwelling construction. Engineering services supporting this construction activity recorded increased output reflected in GVA growth in Professional, Scientific and Technical Services (4.5%).
Similarly to Victoria and South Australia, QLD’s Health Care and Social Assistance industry exceeded national growth for this industry, as underlying growth was amplified with new facilities coming online.
Electricity, Gas and Water Supply in QLD recorded the strongest growth in nine years as electricity production increased to meet demand from southern states.
Transport, Postal and Warehousing GVA exceeded national growth as Rail Transport supported increased Coal Mining activity. The rise observed in 2017-18 reflects a rebound from a fall in the previous year as Rail Transport output was affected by natural disasters in 2016-17.
QUEENSLAND GVA BY INDUSTRY VS AUSTRALIA, % CHANGE
SOUTH AUSTRALIA – MODERATE GROWTH FOLLOWS STRONG GROWTH IN PREVIOUS YEAR ON THE BACK OF SOLID WHEAT PRODUCTION
South Australia (SA) GSP grew 2.0% recording slower than national GDP growth. Health Care and Social Assistance GVA (8.6%) and Electricity, Gas, Water and Waste Services GVA (8.2%) expanded during 2017-18 while Agriculture, Forestry and Fishing GVA (-12.0%) detracted from growth.
Electricity, Gas, Water and Waste Services GVA exceeded national growth, driven by increased electricity output as power suppliers increase production following expansionary work.
Agriculture, Forestry and Fishing GVA fell following extraordinary growth of 19.5% in the previous year. The 2016-17 result was driven by strong wheat and other agriculture production. As a result of Agriculture returning to usual levels of output, the downstream industries recorded detraction. Wholesale trade fell 0.2% following strength in basic material wholesaling in the previous year.
SOUTH AUSTRALIA GVA BY INDUSTRY VS AUSTRALIA, % CHANGE
WESTERN AUSTRALIA – MINING CONTINUES TO DOMINATE WA ECONOMY
Western Australian (WA) GSP grew 1.9%, Mining GVA (2.8%) and Health Care and Social Assistance GVA (8.8%) drove growth while Agriculture, Forestry and Fishing GVA (-12.1%) detracted from growth.
Similarly to SA, WA experienced extraordinary growth in Agriculture, Forestry and Fishing GVA in the previous year as a result of a strong wheat production. The fall recorded in 2017-18 reflects the Agriculture industry returning back to regular levels of output.
Mining continued to dominate WA’s economy as it makes up 31.2% of total industry GVA. In 2017-18, Mining in WA continued to grow driven by Iron Ore Mining and Oil and Gas Extraction reflecting rising global demand and increased exports. The Mining industry invested in machinery and equipment driving innovations through automation. The Professional, Scientific and Technical Services increased production as it supported innovation in the Mining industry.
WESTERN AUSTRALIA GVA BY INDUSTRY VS AUSTRALIA, % CHANGE
TASMANIA – RECORDS STRONGEST GSP GROWTH IN TEN YEARS
Tasmania GSP grew 3.3% recording the strongest growth since 2007-08. Health Care and Social Assistance remains the largest industry in Tasmania accounting for 13% of total industry GVA. Health Care and Social Assistance GVA grew 5.7% reflecting broad based strength in this industry seen at the national level.
Professional Scientific and Technical Services GVA (10.2%) recorded the strongest growth in Tasmania as this industry supports Construction, Mining and Manufacturing, all of which had positive growth in 2017-18.
Private business investment in Tasmania was strong this year rising 17.4%, driven by investment in new machinery and equipment.
Manufacturing GVA (6.5%) in Tasmania exceeded national growth driven by Food and Beverage Manufacturing.
TASMANIA GVA BY INDUSTRY VS AUSTRALIA, % CHANGE
NORTHERN TERRITORY – MODERATE GROWTH REFLECTS SLOWING PRIVATE INVESTMENT
Northern Territory (NT) GSP grew 1.7% recording the weakest growth of all states and territories. This subdued growth in NT reflects slowing private investment and the downstream effects on related industries.
Construction GVA (1.5%) and Professional, Scientific and Technical Services GVA (2.3%) recorded moderate growth reflecting slowing investment in non-dwelling construction.
Wholesale Trade GVA increased 4.6% in NT to outperform growth at the national level. Wholesale Trade contributes to only 2% of total industry GVA in NT.
Public Administration and Safety and Mining have the largest industry share with both contributing 14% to total industry GVA.
NORTHERN TERRITORY GVA BY INDUSTRY VS AUSTRALIA, % CHANGE
AUSTRALIAN CAPITAL TERRITORY – RECORDS STRONGEST GROWTH OF ALL STATE AND TERRITORIES
Australian Capital Territory (ACT) GSP grew 4.0% outperforming all states and territories in 2017-18.
Administrative and Support Services GVA (19.9%) and Professional, Scientific and Technical Services GVA (11.2%) drove growth in ACT. These services industries support the Australian Public Service by providing computer services and business consulting.
Health Care and Social Assistance GVA rose 8.5% reflecting expansionary health service programs across the ACT.
Public Administration and Safety, Health Care and Social Assistance and Professional, Scientific and Technical Services are the largest industries in the ACT. Collectively, these industries make up more than 50% of total industry GVA.
AUSTRALIAN CAPITAL TERRITORY GVA BY INDUSTRY VS AUSTRALIA, % CHANGE
CAPITAL STOCK BY STATE
Over the last 15 years, Australia has seen a 63.9% increase in its net capital stock. This increase has been driven by the Mining industry where net capital stock increased by 271.2% over the last 15 years. As a result, states and territories predominantly involved in Mining have experienced the largest increases in net capital stock over the this period.
NET CAPITAL STOCK % GROWTH FROM 2002-03 TO 2017-18
NEW SOUTH WALES
Since 2002-03, the net capital stock in New South Wales increased 40.2%. The biggest contributor to the increase was the Transport, Postal and Warehousing industry which grew 71.2%, reflecting the increased investment in roads, highways and rail.
Net capital stock in Victoria increased 55.3% in the last 15 years. The increase was driven by the Electricity, Gas, Water and Waste services industry which rose 67.1%. Rental, Hiring and Real Estate services net capital stock was also a strong contributor to the rise, increasing 89.8% over the last 15 years.
Queensland net capital stock increased 85.3% since 2002-03. The driver of the increase was the Mining industry that rose 403.2% due to increased investment in Coal Mining and Oil and Gas Extraction.
Net capital stock in South Australia rose 39.8% in the last 15 years. Of the published industries, Electricity, Gas, Water and Waste Services was the major contributor to the rise, increasing 81.6%.
Net capital stock in Western Australia more than doubled over the 15 years from 2002-03 due to the increased investment in Iron Ore Mining and Oil and Gas Extraction. Mining net capital stock rose 354.5% over this period.
Tasmania experienced the lowest increase in net capital stock over the last 15 years compared to the other states and territories. Tasmania’s rise of 31.7% was driven by Mining and Manufacturing (combined), which rose 34.4%, while the Agriculture, Forestry and Fishing industry fell 16.4%, detracting from growth.
Northern Territory net capital stock increased 120.9%, more than doubling since 2002-03. This increase in net capital stock was driven by a 274.0% increase in the Mining and Manufacturing (combined) industries.
AUSTRALIAN CAPITAL TERRITORY
Net capital stock increased 63.5% in the Australian Capital Territory since 2002-03. The increase was driven by Public Administration and Safety which rose 68.7%, reflecting the strong presence of the public sector in the territory.
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