STATE ACCOUNTS

As well as Australia's national accounts, the ABS produces annual accounts for each of Australia's states and territories. These provide estimates of state final demand and gross state product (GSP). GSP is the average of the volume estimate of the production approach, GSP(P), and the income/expenditure approach, GSP(I/E). State final demand is equal to the sum of government and household final consumption expenditure and public and private gross fixed capital formation.

An important use of state accounts is to compare the performance of each state and territory (table 30.14). The volume measure of GSP in 2010–11 increased in all states. Western Australia experienced the strongest growth (up 3.5%), while growth in the remaining states and territories varied between 0.2% for Queensland and 2.8% for the Australian Capital Territory.

For some analytical purposes, it is important to allow for the impact of population growth on movements in GSP. All states and territories except Queensland and Tasmania had positive growth in GSP per capita in 2010–11 because GSP growth rates exceeded their population growth rates. Queensland showed a decline in GSP per capita (down 1.5%) and Tasmania remained flat, compared with the Australian increase of 0.6%. South Australia (up 1.5%) and Western Australia (up 1.4%) showed the largest gains in GSP per capita (graph 30.15).

30.14 GROSS STATE PRODUCT, Chain volume measures—2010–11
	Annual growth	Average annual compound growth rate (1999–2000 to 2010–11)
New South Wales	2.2	2.0
Victoria	2.5	3.1
Queensland	0.2	4.2
South Australia	2.4	2.7
Western Australia	3.5	4.6
Tasmania	0.8	2.5
Northern Territory	1.6	3.6
Australian Capital Territory	2.8	3.0
Australia(a)	2.1	3.1
(a) GDP. Source: Australian National Accounts: State Accounts (5220.0).

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