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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. All states had positive growth in GSP per capita due to GSP growth rates exceeding their state population growth rates for 2011-12.
Both WA and NT recorded the highest GSP per capita growth (3.7%) while Tasmania (TAS) recorded the lowest (0.1%) for 2011-12.
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) includes an adjustment to capture 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 2011-12. WA recorded the highest growth in RGSI per capita of 6.6%. TAS (-1.3%) is the only state to report negative RGSI in 2011-12.
GROSS VALUE ADDED (GVA)
Volume growth in GVA was positive in all states in 2011-12. The strongest growth was in WA (7.2%), while TAS (0.6%) recorded the weakest growth.
Growth in WA was driven by the Mining (8.4%), Construction (9.7%), Agriculture, forestry and fishing (50.5%), Wholesale trade (10.4%) and Manufacturing (5.1%) industries. Offsetting the growth in these industries was Information media and telecommunications, which fell 2.9%.
TAS experienced growth in the Mining (20.6%), Healthcare and social assistance (5.2%) and Wholesale trade (11.3%) industries. However, these increases were offset by falls in the Manufacturing (-11.4%) and Electricity, gas, water and waste services (-5.1%) industries.
At a national level, the main industries contributing to the 2011-12 GVA growth of 3.3% were Mining (6.7%), Healthcare and social assistance (6.5%) and Wholesale trade (6.2%). Administrative and support services (-2.1%) and Manufacturing (-0.9%) were the main detractors to growth.
From a state perspective, there are differing industry impacts in GVA growth. In 2011-12, the largest contributor(s) to results in each state were:
STATE FINAL DEMAND (SFD)
Volume SFD in 2011-12 recorded growth for seven out of eight states. The strongest growth was in NT (14.6%), followed by WA (13.5%) and QLD (8.6%). Growth in all these states was driven by strong Private gross fixed capital formation.
TAS was the only state to have no growth in SFD (0.0%). This result was driven by a 9.4% fall in Public gross fixed capital formation due to the completion of a number of major projects in 2010-11.
NT, WA and QLD were the only states to record SFD growth above the national Domestic final demand (DFD) of 5.0%.
QLD and WA contributed the most to Australia's DFD growth with 1.7 percentage points each while NSW contributed 0.6 percentage points and VIC by 0.5 percentage points.
GOVERNMENT FINAL CONSUMPTION EXPENDITURE (GFCE)
GFCE in volume terms rose in all states in 2011-12. WA recorded the strongest growth in volume terms with an increase of 4.8%. The lowest growth was recorded in NT (0.5%), followed by VIC (2.2%). The major contributors to Australia's growth in GFCE of 3.1% were NSW (0.9 percentage points) and QLD (0.6 percentage points).
HOUSEHOLD FINAL CONSUMPTION EXPENDITURE (HFCE)
HFCE volume growth was strongest in WA (5.9%), QLD (4.4%) and VIC (2.9%). Negative growth was experienced in TAS (-1.1%). The major contributor to Australia's HFCE growth of 3.2% were NSW (0.9 percentage points) and QLD (0.8 percentage points).
PRIVATE GROSS FIXED CAPITAL FORMATION
Private gross fixed capital formation in volume terms rose in all states in 2011-12. NT had the strongest growth (80.1%) due to strength in Non-dwelling construction (236.6%) and Machinery and equipment (11.8%). WA and QLD also showed strong growth with 26.9% and 26.7% respectively. The lowest growth was recorded in NSW (1.3%) followed by VIC (1.4%).
The major contributor to Australia's increase in Private gross fixed capital formation of 13.3% was WA with 5.7 percentage points.
PUBLIC GROSS FIXED CAPITAL FORMATION
WA and ACT were the only states to record rises in Public gross fixed capital formation with 8.8% and 8.7% respectively.
The major contributor to Australia's negative growth in Public gross fixed capital formation of -2.2% was NSW with -1.5 percentage points.
TOTAL FACTOR INCOME (TFI)
Total factor incomes grew in seven states with WA (7.9%), NT (7.5%) and ACT (6.4%) recording the strongest growth. TAS recorded negative growth of 0.8%.
Australia's Compensation of employees (COE) rose by 7.2% with WA recording the strongest growth of 13.8%. TAS (0.9%) recorded the slowest growth.
Gross operating surplus (GOS) plus gross mixed income (GMI) grew 3.0% for Australia. Six states experienced growth in GOS plus GMI with the strongest growth in NT (7.6%), ACT (5.3%) and WA (4.2%). Negative growth was experienced in TAS (-3.0%) and SA (-1.1%).
GROSS HOUSEHOLD DISPOSABLE INCOME PER CAPITA
The above analysis of 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.
Gross household disposable income per capita in 2011-12 was highest in ACT and lowest in TAS. Please refer to Table 43 for more details. 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.
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