Australian National Accounts: State Accounts

Latest release

Key National Accounts aggregates by state and territory

Reference period
2024-25 financial year
Release date and time
20/11/2025 11:30am AEDT

Key statistics

  • Gross State Product (GSP) rose in all states and territories in 2024-25
  • The strongest result was observed in the Australian Capital Territory, which grew 3.5%, followed by Queensland (2.2%), Western Australia (1.3%) and Victoria (1.1%)
Key aggregates, 2024-25 % change
  NSWVICQLDSAWATASNTACTAustralia
Chain volume measures (a)
 GSP0.91.12.21.01.31.01.03.51.4
 GSP per capita (b)-0.3-0.80.4-0.1-1.10.7-0.22.1-0.3
 Real Gross State Income1.01.3-0.51.6-2.22.00.43.7-0.3
Current price values
 GSP4.14.73.65.00.74.43.06.93.7
  1. Reference year for chain volume measures is 2023-24.
  2. Population estimates are as published in National, state and territory population and ABS projections.

Revisions this issue

This release of the State Accounts incorporates revisions to the time series. The revisions are due to a number of factors, including:

  • Updated data sources – Quarterly indicators used to apportion national estimates to states and territories in the 2023-24 release have been updated with more complete and audited financial year information.
  • The incorporation of the latest National Accounts Supply-Use benchmarks and historical revisions
  • Updated data sources and methods for the compilation of Mining state and territory estimates

For more details see the Changes in this issue section

Analysis of results

Gross State Product (GSP) volume measures

The Australian economy grew 1.4% in 2024-25 following growth of 1.4% in 2023-24. 

This was driven by strength across service industries including Health care and social assistance, Financial and insurance services, Public administration and safety, as well as Transport, postal and warehousing. This strength in service industries was relatively consistent across all States and Territories. 

Mining and Manufacturing industries were the largest detractors to the Australian economy.

Key industry drivers across Australia include;

  • Health care and social assistance reflected increased demand for key health programs and services.
  • Financial and insurance services growth was due to strength in superannuation, mortgage refinancing and stock brokering as well as growth in loans and deposit balances.
  • Transport, postal and warehousing reflected strength in domestic and international air travel and the introduction of new routes.
  • Manufacturing fell due to broad based weakness across metal refining and machinery and equipment.
  • Mining was impacted by severe weather and unplanned disruptions especially in LNG production and coal mining.

Gross State Product annual growth, 2024-25

Loading map...

A map of Australia depicting the Gross State Product annual growth for the financial year ending 2024-25

The left of the map shows that Western Australia's Gross State Product annual growth increased by 1.3% for the 2024-25 financial year.

The middle of the map shows that Northern Territory's Gross State Product annual growth increased by 1.0%, while South Australia's annual growth increased by 1.0% for the 2024-25 financial year.

The right of the map shows that Queensland's Gross State Product annual growth increased by 2.2%, New South Wales' Gross State Product annual growth increased by 0.9%, Australian Capital Territory's Gross State Product annual growth increased by 3.5%, and Victoria's Gross State Product annual growth increased by 1.1% in the 2024-25 financial year.

The bottom of the map shows that Tasmania's Gross State Product annual growth increased by 1.0% for the 2024-25 financial year.

New South Wales

New South Wales GSP increased 0.9%, following a 1.1% rise in the previous year. Agriculture, forestry and fishing (25.5%) was the largest contributor driven by a strong grain harvest and livestock growth. Financial and insurance services (3.8%) and Health care and social assistance (3.0%), added to growth consistent with results across Australia.

Construction (-4.1%) was a key detractor from growth due to reduced heavy and civil engineering work, as major projects in transport and health near completion. Professional, scientific and technical services also fell 2.4%, as infrastructure planning and design work reduced in line with construction activity.

Victoria

Victoria GSP increased 1.1% following a 1.4% rise in the previous year. Service industries drove growth, with Financial and insurance services (2.6%), Health care and social assistance (2.5%) and Transport, postal and warehousing (2.4%), all consistent with national strength.

Detracting from strength was Professional, scientific and technical services, which fell 3.3%, due to weaker accounting, engineering consulting and defence related services. 

Queensland

Queensland GSP increased 2.2% following a 1.7% rise in the previous year. Agriculture, forestry and fishing was the strongest contributor, up 10.0% as favourable weather conditions saw increased crop and livestock production. Also adding to strength was Construction (3.1%) due to strong dwelling construction and transport infrastructure.  An elevated infrastructure pipeline also drove strength in engineering design and consulting work, resulting in a 4.2% increase in Professional, scientific and technical services. 

The largest detractor from growth was Mining which fell 3.8% due to weather impacts and weakness in demand. 

South Australia

South Australia GSP increased 1.0% following a rise of 1.3% in the previous year. Construction (5.0%) led the rise, driven by residential construction. Services industries Financial and insurance services (4.7%) and Health care and social assistance (2.4%) added to growth, consistent with the rest of the nation.

Agriculture, forestry and fishing (-13.8%) was the largest detractor from growth, with reduced Agricultural production due to severe drought.

Western Australia

Western Australia GSP increased 1.3%, following 1.2% growth in the previous year. Construction (4.4%) was the largest contributor to growth due to increased residential construction driven by strong demand for housing in line with strong population growth. Agriculture, forestry and fishing (14.6%) contributed strength from bumper grain harvests. Wholesale trade (5.9%) also rose driven by increased machinery and equipment wholesaling, along with strength from basic material wholesaling supported by the strong grain harvests.

Mining (-0.6%) detracted from growth due to weather disruptions and maintenance activities, especially in oil and gas production. Iron ore production was flat as the impacts of both cyclones and maintenance work was offset by new capacity and improved efficiency. 

Tasmania

Tasmania GSP increased 1.0% following a rise of 1.2% in the previous year. Agriculture, forestry and fishing (6.7%) led the rise, due to strength in aquaculture and dairy. Health care and social assistance (2.3%) also rose, with increased demand for key health programs and services. 

Strength was partly offset by Construction (-3.5%), driven by weakness in residential construction.

Northern Territory

Northern Territory GSP grew 1.0%, following growth of 0.8% in the previous year. Agriculture, forestry and fishing (12.8%) led the rise driven by strength in livestock production. Transport, postal and warehousing (9.8%) showed strength in international and domestic air transport, along with increased demand for road freight services supported by strong livestock production.

Mining (-1.5%) detracted from growth with less production of oil and gas due to weather disruptions.

Australian Capital Territory

Australian Capital Territory GSP grew 3.5% following a rise of 3.6% in the previous year. Public administration and safety (7.2%) led the rise, driven by increased public sector activity and the 2025 Federal election. Healthcare and social assistance (3.3%) also rose driven by increased demand for key health programs and services, in line with the national story.

Construction (-5.0%) detracted from growth with weakness driven by non-residential construction, with residential construction also observing softness for the 2024-25 year.

Changes in this issue

The estimates in this issue incorporate new and revised national estimates as published in the 2024-25 Australian System of National Accounts. This includes the incorporation of the 2022-23 annual supply and use tables with updated national benchmarks. 

The 2024-25 Australian System of National Accounts also incorporate historical revisions to the time series. Further information about the historical revisions is detailed in Impacts from the 2025 Annual National Accounts historical revisions.

The national revisions impact all states and territories, although the extent varies across jurisdictions. This is due to differing state weights of estimates affected by revisions. For example, if a certain state has a large proportion of an industry, then revisions to that industry's national total will have a greater impact upon the predominate state's result compared to the other states and territories. Estimates in recent years have also been revised based on the addition of new and updated data sources that have become available throughout the year.

This release of the state accounts also includes one addition change:

  • Updated data sources and methods for the compilation of Mining state and territory estimates. A new model for compiling the Non-metallic mineral mining and quarrying subdivision within the Mining division has been implemented. This model separately identifies spodumene to better allocate production within this subdivision across the states.

Enquiries

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Data downloads

Time series spreadsheets

Data files

Previous catalogue number

This release previously used catalogue number 5220.0.
 

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