Australian National Accounts: State Accounts

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Key National Accounts aggregates by state and territory

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Reference period
2022-23 financial year
Released
21/11/2023
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Release date and time
21/11/2023 11:30am AEDT

Key statistics

  • Gross State Product (GSP) rose in all states and territories except the Northern Territory in 2022-23

  • The Australian Capital Territory experienced the strongest growth of all states and territories at 4.3%, followed by South Australia (+3.8%) and New South Wales (+3.7%).

Key aggregates, 2022-23 % change
  NSWVICQLDSAWATASNTACTAustralia
Chain volume measures (a)
 GSP3.72.62.33.83.51.1-5.34.33.0
 GSP per capita (b)1.90.40.02.21.00.5-6.22.41.0
 Real Gross State Income3.72.53.52.42.1-1.0-3.74.22.9
Current price values
 GSP10.09.010.99.910.06.22.59.59.8
  1. Reference year for chain volume measures is 2021-22.
  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 2021-22 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
  • The incorporation of final estimates from the 2021 Census of Population and Housing.

For more details see the Changes in this issue section

Analysis of results

Gross State Product (GSP) volume measures

The Australian economy grew 3.0% in 2022-23 following growth of 4.3% in 2021-22. The result reflects the continued recovery in the economy from the COVID-19 pandemic with the absence of border restrictions and lock down measures across the full 2022-23 year. Strong global demand for Australian commodity exports supported activity and incomes, while domestic prices saw their largest increase since 1988-89. Seven out of eight states and territories experienced growth in 2022-23, the exception being the Northern Territory.

Gross State Product annual growth, 2022-23

A map of Australia depicting the Gross State Product annual growth for the financial year ending 2022-23.

The left of the map shows that Western Australia's Gross State Product annual growth increased by 3.5% for the 2022-23 financial year.

The middle of the map shows that Northern Territory's Gross State Product annual growth decreased by 5.3%, while South Australia's annual growth increased by 3.8% for the 2022-23 financial year.

The right of the map shows that Queensland's Gross State Product annual growth increased by 2.3%, New South Wales' Gross State Product annual growth increased by 3.7%, Australian Capital Territory's Gross State Product annual growth increased by 4.3%, and Victoria's Gross State Product annual growth increased by 2.6% in the 2022-23 financial year.

The bottom of the map shows that Tasmania's Gross State Product annual growth increased by 1.1% for the 2022-23 financial year.

New South Wales

New South Wales GSP increased 3.7% in 2022-23, following a rise of 2.6% in the previous year. The increase reflects a strong recovery in services industries impacted by COVID-19 measures in 2021-22. This was led by Transport, postal and warehousing (12.9%) and Accommodation and food services (28.5%), which benefited from a full year of uninterrupted travel and the return of foreign tourists. Health care and social assistance (4.1%) was also a driver as the industry worked through a backlog of activity from the pandemic. Administrative and support services (7.2%) growth was driven by labour hire and recruitment firms with high demand for workers reflected in strong hours worked in New South Wales. Mining production (7.9%) recovered from flood related disruptions in the prior year with coal producers taking advantage of elevated export prices. The only industry that detracted from growth was the Rental, hiring and real estate services (-1.0%) with reduced turnover and transaction prices in the Sydney residential real estate market in 2022-23. 

Victoria

Victoria recorded an increase in GSP of 2.6% in 2022-23, continuing on from strong growth of 6.3% in 2021-22. The Victorian economy was the most impacted of all Australian jurisdictions by the COVID-19 pandemic, being the only state to record falls in both 2019-20 (-0.3%) and 2020-21 (-0.2%).

The recovery in 2022-23 was led by Transport, postal and warehousing (13.6%) due to strong demand for travel with reopened borders through the full year. The absence of COVID-19 measures contributed to an ongoing rebound in Victoria's hospitality and events sectors with strong growth observed in both Accommodation and food services (29.5%) and Arts and recreation services (11.0%). Health care and social assistance (4.5%) increased as private procedures continued to recover from reduced services during the pandemic as well as increased aged care and disability services. Construction grew 4.1% driven by strong levels of public investment, which offset weakness in residential construction stemming from materials and labour supply constraints.

Queensland

Queensland GSP increased 2.3%, following growth of 5.5% in the 2021-22 financial year.  Transport, postal and warehousing (17.3%) led the rises, with high demand for passenger air travel to Queensland and freight services associated with record farm production. Agriculture production increased 8.9% in 2022-23 to record levels, on the back of strong growth in 2021-22 (20.8%) and 2020-21 (21.9%).  Favourable weather conditions saw increased production and exports of meat, cereal grains and textile fibres from Queensland. Wholesale trade (7.6%) contributed to growth driven by increased demand for machinery and equipment by business. Accommodation and food services (15.0%) growth was supported by the full return of international tourists and ongoing growth in domestic visitors. Health care and social assistance increased 3.6% driven by demand for services from population growth as well as aged and disability care.  

The main detractor from GSP growth in Queensland was the Mining industry (-4.0%) with lower volumes of coal production and exports due to weather disruptions and ongoing maintenance.

South Australia

South Australia GSP increased 3.8% following a rise of 5.6% last year. The growth in South Australia was broad based with all industries increasing in the 2022-23 year. 

Mining increased 13.9% due to increased production of key commodities such as copper. Agriculture rose (7.0%), driven by another year of strong grain harvests and fruit and vegetable production. This supported record levels of rural goods exports from South Australia. Transport, postal and warehousing (9.8%) rose in response to increased air passenger volumes as well as demand for freight movement of farm production. 

Accommodation and food services (16.9%) and Arts and recreation (15.6%) were also strong contributors to growth, benefiting from inbound tourism and strong patronage to a growing sporting and cultural events calendar. 

Professional, scientific and technical services increased 5.4%, with strong demand for specialised skills. 

Western Australia

Western Australia GSP increased 3.5%, continuing the solid growth of the previous two years. Growth was recorded in 19 out of 20 industries in Western Australia over the 2022-23 year. 

Mining (3.3%) was the lead contributor to growth with increased production of iron ore due to new mining capacity and fewer disruptions due to weather and labour availability. There was also an increase in the mining of other minerals such as lithium after investment in new mines to meet strong demand from export markets. 

Agriculture, forestry and fishing grew 7.3% with another strong harvest of broadacre crops. This is reflected in record levels of exports of rural goods, including cereals, grains, oil seeds and oleaginous fruits. The high levels of Agricultural production also supported growth in downstream activities such as Wholesale trade, which grew 12.7% in 2022-23. Western Australian Agricultural production now sits 80.0% higher than it was three years ago.  

Transport, postal and warehousing (15.1%) increased with the continued recovery in air passenger transport, especially international travel. Professional, scientific and technical services (4.7%) were also a contributor to growth, with demand for these services supported by strong levels of private business investment and public infrastructure works.

The only industry to record a fall was Retail trade (-0.8%) with household spending on discretionary goods such as furnishings and household equipment coming off elevated levels. 

Tasmania

Tasmania GSP grew 1.1% following a rise of 4.3% in 2021-22.

The leading driver of growth was Transport, postal and warehousing (25.8%) which benefited from a full year of uninterrupted travel in 2022-23, particularly for air and sea passenger transport. Strong levels of domestic visitors and a partial recovery in international visitors drove tourism spending and growth in Accommodation and food services (20.0%). 

Health care and social assistance (2.9%) was another contributor to growth as medical practitioners worked through COVID-19 backlogs and public spending supported growth in aged care and disability services. 

Agriculture, forestry and fishing (-6.7%) was the main detractor from growth though levels remain high following two years  of strong growth in 2020-21 (23.4%) and 2021-22 (5.3%). Rural goods exports fell in 2022-23, led by a fall in dairy products.

Northern Territory

Northern Territory GSP fell 5.3% in 2022-23 following a rise of 5.1% in the previous year.

The fall in GSP was entirely driven by Mining GVA which recorded a fall of 17.1%. Oil and gas extraction drove the decrease with weaker production volumes due to a combination of factors at key facilities. This was reflected in the 25.1% decline in the international exports of goods from the Northern Territory. 

Partly offsetting the falls was growth in Transport, postal and warehousing (17.9%) with the full return of international air travel. There was also growth in Construction (6.6%) with strong demand from increased public capital investment (12.3%). 

Australian Capital Territory

Australian Capital Territory GSP grew 4.3% following a rise of 2.8% last year.

Growth in the ACT was driven by Public administration and safety (4.3%) with the roll out of new policies at the Commonwealth level.

Professional, scientific and technical services increased 4.3% with continued demand for specialised skills in IT, cloud computing and the defence sector. There was strong growth in Information media and telecommunications (9.2%) led by increases in hosting and storage services at data centres.  

The ACT also experienced growth in Transport, postal and warehousing (15.0%) with the return of air passenger transport, including business travel, after the impacts of border closures in 2021-22. Accommodation and food services (24.2%) also bounced back from the Delta wave disruption in 2021-22 which impacted patronage and trading in the hospitality sector. 

Real Gross State Income

Six of eight states and territories record increase in Real Gross State Income (RGSI) in 2022-23

While GSP measures domestic production, the real purchasing power of income generated from that production is affected by changes in the prices of international and interstate imports and exports. RGSI adjusts GSP for changes in a state's terms of trade.

Increases in most mining and agricultural commodity prices led to growth in RGSI in all states and territories except Northern Territory and Tasmania in 2022-23. Increases in coal and gas prices were reflected in growth in Queensland (3.5%), and New South Wales (3.7%). Western Australia RGSI increased 2.1% with increases in export prices for rural goods, gas and other minerals such as lithium, offsetting the falls in the price of iron ore in 2022-23. The Northern Territory experienced a fall of 3.7% fall in RGSI with the increase in global oil and gas prices not enough to offset the large falls in mining production and export volumes.

Changes in this issue

The estimates in this issue incorporate new and revised national estimates as published in the 2022-23 Australian System of National Accounts. This includes the incorporation of the 2021-22 annual supply and use tables with updated national benchmarks. Further information about the changes is available in Improved Annual National Accounts estimates: Results of the implementation of the 2021-22 benchmarks.

The 2022-23 Australian System of National Accounts also incorporate historical revisions to the time series. Further information about the historical revisions is detailed in Improved estimates of the annual national accounts: Results of the 2023 historical revisions.

This release incorporates the recently rebased Estimated Residential Population (ERP) which have been updated using the latest Census of population and housing data from 2021. For more information on revisions to ERP please see Methodology used in final rebased population estimates, June 2021.

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.

Enquiries

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Data downloads

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Time series spreadsheets

Data files

  • Table 1. Gross State Product, Chain volume measures and current prices

    Download xlsx [89.98 KB]

  • Table 2. Expenditure, Income and Industry Components of Gross State Product, New South Wales, Chain volume measures and current prices

    Download xlsx [172.01 KB]

  • Table 3. Expenditure, Income and Industry Components of Gross State Product, Victoria, Chain volume measures and current prices

    Download xlsx [171.04 KB]

  • Table 4. Expenditure, Income and Industry Components of Gross State Product, Queensland, Chain volume measures and current prices

    Download xlsx [170.93 KB]

  • Table 5. Expenditure, Income and Industry Components of Gross State Product, South Australia, Chain volume measures and current prices

    Download xlsx [167.88 KB]

  • Table 6. Expenditure, Income and Industry Components of Gross State Product, Western Australia, Chain volume measures and current prices

    Download xlsx [171.53 KB]

  • Table 7. Expenditure, Income and Industry Components of Gross State Product, Tasmania, Chain volume measures and current prices

    Download xlsx [164.19 KB]

  • Table 8. Expenditure, Income and Industry Components of Gross State Product, Northern Territory, Chain volume measures and current prices

    Download xlsx [165.46 KB]

  • Table 9. Expenditure, Income and Industry Components of Gross State Product, Australian Capital Territory, Chain volume measures and current prices

    Download xlsx [163.5 KB]

  • Table 10. Expenditure, Income and Industry Components of Gross Domestic Product, Australia, Chain volume measures and current prices

    Download xlsx [147.54 KB]

  • Table 11. Agricultural Income, All States: Current prices

    Download xlsx [67.68 KB]

  • Table 12. Household Income Account and Per Capita, New South Wales: Current prices

    Download xlsx [55.45 KB]

  • Table 13. Household Income Account and Per Capita, Victoria: Current prices

    Download xlsx [55.38 KB]

  • Table 14. Household Income Account and Per Capita, Queensland: Current prices

    Download xlsx [55.34 KB]

  • Table 15. Household Income Account and Per Capita, South Australia: Current prices

    Download xlsx [55.02 KB]

  • Table 16. Household Income Account and Per Capita, Western Australia: Current prices

    Download xlsx [55.14 KB]

  • Table 17. Household Income Account and Per Capita, Tasmania: Current prices

    Download xlsx [54.65 KB]

  • Table 18. Household Income Account and Per Capita, Northern Territory: Current prices

    Download xlsx [54.48 KB]

  • Table 19. Household Income Account and Per Capita, Australian Capital Territory: Current prices

    Download xlsx [54.73 KB]

  • Table 20. Household Income Account and Per Capita, Australia: Current prices

    Download xlsx [55.73 KB]

  • Table 21. New South Wales Capital Stock by Type of asset, Institutional sector and Industry

    Download xlsx [121.22 KB]

  • Table 22. Victoria Capital Stock by Type of asset, Institutional sector and Industry

    Download xlsx [122.65 KB]

  • Table 23. Queensland Capital Stock by Type of asset, Institutional sector and Industry

    Download xlsx [120.08 KB]

  • Table 24. South Australia Capital Stock by Type of asset, Institutional sector and Industry

    Download xlsx [123.8 KB]

  • Table 25. Western Australia Capital Stock by Type of asset, Institutional sector and Industry

    Download xlsx [118.97 KB]

  • Table 26. Tasmania Capital Stock by Type of asset, Institutional sector and Industry

    Download xlsx [107.83 KB]

  • Table 27. Northern Territory Capital Stock by Type of asset, Institutional sector and Industry

    Download xlsx [109.55 KB]

  • Table 28. Australian Capital Territory Capital Stock by Type of asset, Institutional sector and Industry

    Download xlsx [115.04 KB]

Previous catalogue number

This release previously used catalogue number 5220.0.
 

Methodology

Australian National Accounts: State Accounts methodology, 2022-23 financial year