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ANALYSIS OF RESULTS
GSP PER CAPITA
For analytical purposes it is important to allow for the impact of population growth on movements in GSP. Queensland (QLD) was the only state to record negative GSP per capita growth (-0.8) while all other states had positive growth in GSP per capita with GSP growth rates exceeding their state population growth rates for 2014-15. The Northern Territory (NT) recorded the highest GSP per capita growth (10.1%) while New South Wales (NSW) and Western Australia (WA) had increases in GSP per capita for the sixth consecutive year.
REAL GROSS STATE INCOME
Volume estimates of GSP measure the volume of goods and services produced in each state. If the Terms of trade for a state change significantly (i.e. the prices for international exports and imports change at different rates) then GSP will not accurately reflect the change in real purchasing power of the income generated within a state. For this reason, Real gross state income (RGSI) captures the Terms of trade (for details on the calculation method see the Explanatory Notes, paragraphs 26 - 28).
The following graph shows annual percentage changes in RGSI per capita in 2014-15. NT (9.7%), Tasmania (TAS) (1.7%), Victoria (VIC) (0.7%), NSW (0.4%) and the Australian Capital Territory (ACT)(0.2%) reported positive RGSI per capita in 2014-15. The highest fall in RGSI per capita was reported by WA (-10.3%) while South Australia (SA) was flat (0.0%)
GROSS VALUE ADDED (GVA)
Volume growth in GVA was strongest in the NT (10.4%) and WA (3.5%) while QLD (0.5%) recorded the weakest growth.
Growth in NT was driven by Construction (61.7%), Public administration and safety (5.0%) and Rental hiring and real estate services (9.1%). Offsetting the growth in these industries were Manufacturing (-9.3%) and Mining (-1.6%). Growth in WA was driven by Mining (9.9%) and Financial and insurance services (9.9%) with Construction (-5.0%) and Professional, scientific and technical services (-10.6%) detracting from growth.
The low growth in QLD was driven by falls in Construction (-12.5%) and Professional, scientific and technical services (-5.9%) while Mining (8.3%) and Financial and insurance services (5.8%) contributed to growth.
From a state perspective, there are differing industry impacts in GVA growth. In 2014-15, the largest contributor(s) to results in each state were:
STATE FINAL DEMAND (SFD)
Volume SFD in 2014-15 recorded growth for five out of eight states. The strongest growth was in NT (8.3%), followed by NSW (3.2%) and VIC (2.5%). Growth in these states was driven by strong Private gross fixed capital formation.
WA (-3.5%), QLD (-3.0%) and TAS (-0.3%) recorded negative SFD growth. The falls in QLD and WA was driven by a fall in Private gross fixed capital formation while a fall in Public gross fixed capital formation contributed to the fall in TAS.
SA and the ACT (0.9% each) both had moderate growth in SFD with Private gross fixed capital formation contributing to growth.
NSW and VIC contributed the most to Australia's DFD growth with NSW adding 1.0 percentage points and VIC adding 0.6 percentage points.
GOVERNMENT FINAL CONSUMPTION EXPENDITURE (GFCE)
GFCE in volume terms rose for all states in 2014-15 except the ACT (-0.3%). WA recorded the strongest growth in volume terms with an increase of 2.7% while NSW (1.9%) and QLD (1.7%) also experienced strong growth.
HOUSEHOLD FINAL CONSUMPTION EXPENDITURE (HFCE)
HFCE in volume terms rose in all states in 2014-15. The strongest growth was in NSW (3.4%), followed by QLD (2.4%), VIC (2.3%), WA (2.1%) and SA (2.1%).
PRIVATE GROSS FIXED CAPITAL FORMATION
Private gross fixed capital formation in volume terms rose in six states in 2014-15. NT had the strongest growth (16.1%) due to strength in Non-dwelling construction. TAS, VIC and NSW also showed positive growth with 6.8%, 6.4% and 4.5% respectively. The largest negative growth was recorded in QLD (-15.4%) and WA (-9.8%).
PUBLIC GROSS FIXED CAPITAL FORMATION
NT, ACT and NSW were the only states to record rises in Public gross fixed capital formation with 23.4%, 8.7%, and 0.6% respectively.
TOTAL FACTOR INCOME (TFI)
Total factor incomes grew in seven of the eight states with NT (12.8%) and VIC (4.2%) recording the strongest growth. WA (-7.2%) recorded a fall in Total factor income.
Australia's Compensation of employees (COE) rose by 2.4% with NT (4.5%) and SA (3.2%) recording the strongest growth. ACT was the state to record the weakest growth (-1.8%).
Gross operating surplus (GOS) plus gross mixed income (GMI) rose 1.0% for Australia. All states except WA experienced growth in GOS plus GMI with the strongest growth in NT (22.2%), VIC (6.7%) and ACT (6.7%). WA was the only state to experience negative growth with a fall of 13.8%.
GROSS HOUSEHOLD DISPOSABLE INCOME PER CAPITA
GSP per capita concentrates on the level of economic production and its growth. It does not provide a measure of incomes received by residents of a particular state, because a proportion of income generated in the production process may be transferred to other states or overseas (and conversely income may be received from other states or overseas). A measure that takes these flows into account is gross household disposable income per capita.
The highest Gross household disposable income per capita in 2014-15 was in ACT and the lowest was in TAS. Differences between the states reflect differences in the impact of a range of factors including the average level of compensation of employees received per employee, the proportion of the population in employment, the age distribution of the population and differences in the level of dwelling rent (including that imputed to owner occupiers). For example, a significant reason for the high level of gross household disposable income per capita in the ACT compared with other states is that the labour force participation rate is much higher there than in the rest of Australia. More detail on household income by state can be found in the Household Income Account and Per Capita tables.
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