Key National Accounts aggregates by state and territory
| NSW | VIC | QLD | SA | WA | TAS | NT | ACT | Australia | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Chain volume measures (a) | ||||||||||
| GSP | 1.8 | 5.6 | 4.4 | 5.1 | 3.1 | 4.3 | 4.7 | 1.9 | 3.6 | |
| GSP per capita (b) | 1.6 | 5.7 | 3.0 | 4.5 | 2.0 | 3.5 | 4.6 | 1.4 | 3.1 | |
| Real Gross State Income | 4.8 | 5.4 | 16.8 | 4.2 | 0.0 | 3.9 | 15.2 | 1.8 | 6.2 | |
| Current price values | ||||||||||
| GSP | 7.4 | 8.6 | 21.5 | 8.7 | 10.5 | 9.3 | 24.8 | 4.3 | 11.0 | |
The Australian economy grew 3.6% in 2021-22 following growth of 2.2% in 2020-21. The result reflects the recovery in the economy coming out of the COVID-19 pandemic with the removal of border restrictions and lockdown measures across the country. Australia’s jurisdictions experienced different impacts from the Delta and Omicron waves of COVID-19, natural disasters, and global supply shocks across the year. Despite these events, all eight states and territories experienced growth in 2021-22.
A map of Australia depicting the Gross State Product annual growth for the financial year ending 2021-22.
The left of the map shows that Western Australia's Gross State Product annual growth increased by 3.1%, for the 2021-22 financial year.
The middle of the map shows that Northern Territory's Gross State Product annual growth increased by 4.7%, while South Australia's annual growth increased by 5.1%, for the 2021-22 financial year.
The right of the map shows that Queensland's Gross State Product annual growth increased by 4.4%, New South Wales' Gross State Product annual growth increased by 1.8%, Australian Capital Territory increased by 1.9% and Victoria increased by 5.6% in the 2021-22 financial year.
The bottom of the map shows that Tasmania's Gross State Product annual growth increased by 4.3% for the 2021-22 financial year.
New South Wales GSP increased 1.8% in 2021-22, following a rise of 2.6% in the previous year. The rise reflects continued strong performance by NSW services sector as business conditions improved across the country and drove demand. The drivers of growth were Professional Scientific and Technical Services GVA (6.4%), Administration and Support Services GVA (9.6%), Health Care and Social Assistance GVA (4.9%) and Agriculture, Forestry and Fishing GVA (19.0%).
Professional, Scientific and Technical Services rose with increased consulting, digital and engineering services provided to the private and public sectors. Administration and Support Services were supported by a strong demand for employment services due to the tight labour market and a recovery in travel agent services.
Agriculture production was driven by strong cereal and grain harvests and other rural goods, helping offset the adverse impacts of floods on vegetable growing.
Retail Trade GVA (-2.9%) and Accommodation and Food Services GVA (-5.6%) were the main detractors from GSP growth due to the impacts of the Delta strain lockdowns and border closures in NSW in the first half of the 2021-22 financial year.
Victoria recorded an increase in GSP of 5.6% in 2021-22, the strongest of any state and territory. The increase follows a fall of 0.3% in 2020-21 and small rise of 0.1% in 2019-20 when economic activity was constrained by pandemic containment measures. Leading the recovery were Construction GVA (7.6%), Health Care and Social Assistance GVA (6.6%) and Transport, Postal and Warehousing GVA (12.5%).
Construction activity rose across both residential and non-residential construction with strong demand from both private and public sectors. Dwelling investment was a major driver as the Construction industry worked thorough a backlog of projects from the COVID-19 disruptions of the previous year.
Health Care and Social Assistance continued to grow as output increased in response to COVID-19 challenges. The Delta and Omicron COVID-19 waves saw increased hospitalisations, testing programs and vaccine rollout drive public and private health services.
Transport Services rose in response to the removal of lockdowns and travel restrictions on Victorian households and business. Increased mobility throughout the state drove a rise in public transport services as well as toll roads.
Industries dependent on household spending rebounded in 2021-22 after two difficult years impacted by COVID-19 trading restrictions. Strong growth was recorded in Retail Trade GVA (8.8%), Accommodation and Food Services GVA (10.6%) and Arts and Recreation Services GVA (15.7%).
Queensland GSP increased 4.4%, following growth of 2.9% in the 2020-21 financial year. Queensland had less disruption from COVID-19 than other eastern states, experiencing no major lockdowns.
The drivers of economic growth were Agriculture, Forestry and Fishing GVA (30.2%), Professional, Scientific and Technical Services GVA (10.1%) and Transport, Postal and Warehousing GVA (9.3%).
Strong agricultural production across livestock products, cotton and grains was helped by favourable weather conditions and was consistent with high levels of rural goods exports from Queensland in 2021-22. The impacts from floods in February and March 2022 were localised and didn’t significantly affect overall production.
High levels of business investment drove Professional, Scientific and Technical Services growth in Queensland with increased demand for engineering, consulting and software services to support growth across the Queensland economy.
South Australia GSP increased 5.1% following a rise of 4.7% last year. The increase was driven by Agriculture, Forestry and Fishing, Construction and Manufacturing.
Agriculture, Forestry and Fishing GVA rose 26.2%, following a rise of 26.3% in 2020-21. The increases in the past two years reflect the rebound from three consecutive years of falls. Favourable weather conditions once again resulted in another strong grain harvest driving growth.
Construction GVA rose 9.8% reflecting strength in private business and housing investment. Dwellings increased 7.2% with broad based strength across new houses, alterations and additions and attached dwellings. Construction in South Australia has benefitted from a strong pipeline of work stemming from the HomeBuilder program with less acute supply shortages impacting the state. Strong increases were experienced in Non-dwelling construction driven by New engineering in the mining and utilities industries.
Western Australia GSP grew 3.1% following a rise of 3.3% in 2020-21. Agriculture, Forestry and Fishing (30.3%) and Construction (9.6%) were the major drivers of the growth.
The increase in the Agriculture, Forestry and Fishing GVA was due to favourable growing conditions resulting in a strong cereal grain harvest and rural goods exports. The 30.3% growth this year follows a 27.0% increase in 2020-21.
The increase in the Construction GVA follows a rise of 5.2% in the previous year. Home building continued to increase in 2021-22 despite labour and supply shortages impacting the industry. Non-residential construction was supported by high levels of public investment in infrastructure and buildings and drove the increase in construction output.
Mining GVA fell 1.8% detracting 0.8ppts from growth. The fall was driven by iron ore mining, where production decreased in response to adverse weather conditions, decreased overseas demand and falling commodity prices. This was partly offset by oil and gas which increased, capitalising on increased global demand and high prices for LNG.
Tasmania GSP grew 4.3% following a rise of 5.0% in 2020-21.
Agriculture, Forestry and Fishing GVA rose 15.9%, representing 1.6ppts of total Tasmanian GSP growth. Forestry, livestock, dairy products and other agriculture were the drivers of the increase.
Health Care and Social Assistance GVA continued to display strong growth of 5.0% due to increased demand for health care services in response to the pandemic. Health Care and Social Assistance compensation of employees (COE) rose 8.4% in 2021-22.
Construction GVA increased 5.2% following subdued growth in the previous year. Construction activity increased in line with strong public investment in roads, education and health building as well as utilities.
Northern Territory GSP rose 4.7% in 2021-22 following a fall of 1.4% in the previous year.
The rise in GSP was driven by Mining GVA which recorded a rise of 13.4%. Oil and gas extraction drove the increase in mining where production volumes increased in response to rising commodity prices.
Manufacturing GVA rose 12.6% following a fall of 4.9% in the previous year. Chemical product and Food product manufacturing both experienced strong rises, driving the increase. Health Care and Social Assistance GVA (4.1%) rose due to increased resourcing in response to managing the COVID-19 pandemic.
Partly offsetting the increase was Accommodation and Food Services GVA which fell 6.2% as COVID-19 restrictions reduced demand for these services.
Australian Capital Territory GSP grew 1.9% following a rise of 3.9% last year.
Growth in ACT was driven by Professional, Scientific and Technical services GVA (7.0%) and Health Care and Social Assistance GVA (5.6%). Continued demand for digital, cyber security and consultancy services by the public sector, has been a major driver behind the increased output in the Professional, Scientific and Technical industry. Health Care and Social Assistance rose as a consequence of the COVID-19 vaccine roll-out and overall management of the pandemic.
Retail Trade GVA and Public Administration and Safety GVA both detracted from growth, falling 8.8% and 1.0% respectively. The fall in Retail Trade GVA was a consequence of the territory lockdown and trading restrictions placed on business in August 2021. The fall in retail activity was reflected in household consumption that fell 0.3% over the year.
The fall in Public Administration and Safety in the ACT was due to high levels of leave across the year and a reduction in the administration of COVID-19 measures by the Commonwealth government in 2021-22. Public Administration and Safety GVA had grown 4.8% in both 2019-20 and 2020-21 in the ACT.
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.
Significant increases in mining and agricultural commodity prices led to growth in RGSI in all states and territories except Western Australia in 2021-22. Strong increases in coal and gas prices were reflected in growth in Queensland (16.8%), the Northern Territory (15.2%) and New South Wales (4.8%) as well as Western Australia maintaining the high levels reached in the previous year. Strength in agricultural commodities including grains contributed to increases in the RGSI of Victoria (5.4%), South Australia (4.2%) and Tasmania (3.9%).
The estimates in this issue incorporate new and revised national estimates as published in the 2021-22 Australian System of National Accounts (cat. no. 5204.0). This includes the incorporation of the 2020-21 annual supply and use tables which 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 2022 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 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.
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This release previously used catalogue number 5220.0.
22/11/2022 - Real Gross State Income subheading updated due to error.