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 GSP(P) production approach and 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 30.15). The volume measure of GSP in 2007-08 increased in all states. Queensland experienced the strongest growth (up 5.3%) followed by Western Australia (up 5.2%) and Northern Territory (up 3.9%). The Australian Capital Territory showed the weakest growth rate in 2007-08 of 2.5%. Growth in New South Wales, Victoria, Tasmania and Australian Capital Territory were below the Australian GDP growth rate of 3.7%.
For some analytical purposes it is important to allow for the impact of population growth on movements in GSP. The annual growth in GSP per person was lower than GSP growth for all states. Every state had positive growth in GSP per person due to positive population growth in all states. Four states showed growth rates in GSP per person that were stronger than the Australian growth rate per capita of 2.1%. Queensland (up 2.9%), Western Australia and South Australia (both up 2.7%) showed the strongest growth in GSP per person.(Graph 30.16).
30.15 GROSS STATE PRODUCT, Chain volume measures - 2007-08 |
|
 | Annual growth | Average annual compund growth rate (1997-98 to 2007-08) |
| % | % |
|
| New South Wales | 2.8 | 2.8 |
| Victoria | 3.2 | 3.2 |
| Queensland | 5.3 | 5.0 |
| South Australia | 3.8 | 2.6 |
| Western Australia | 5.2 | 4.4 |
| Tasmania | 3.4 | 2.5 |
| Northern Territory | 3.9 | 4.3 |
| Australian Capital Territory | 2.5 | 3.5 |
| Australia(a) | 3.7 | 3.5 |
|
| (a) GDP. |
| Source: ABS Australian National Accounts: State Accounts (5220.0). |
30.16 GROWTH IN GSP PER PERSON (a) - 2007-08
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