Leslie Massey
Australia is an economic powerhouse, wealthier on a per capita basis than many of its neighbours. The country's economy is dominated by New South Wales and Victoria, which collectively make up around 60% of the total Australian population. However, in terms of which state makes the most money, Western Australia accounts for 46% of the nation's total exports. The state has the highest per capita GSP in the country, with incomes and wealth well above the national average. Queensland is also a top-performing state, with a strong population growth, a solid job market, and overseas demand for energy resources.
| Characteristics | Values |
|---|---|
| Richest State | New South Wales, Western Australia, Queensland |
| Poorest State | Northern Territory, Tasmania, South Australia |
| Largest Economy | Queensland |
| Top Exporters | South Australia, Western Australia |
| Largest Employment Sector | Health Care and Social Assistance (South Australia) |
| Second Largest Employment Sector | Retail (South Australia) |
| Third Largest Employment Sector | Manufacturing (South Australia) |
| Mining Sector Reliance | Western Australia, Queensland, Northern Territory |
| Population | Queensland (4,827,000), Tasmania (541,000) |
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What You'll Learn
Western Australia's income and wealth
Western Australia has the highest income and wealth in the country. In 2021, 23.0% of households in Western Australia earned an income of $3,000 or more per week, compared to 24.2% in Greater Perth. The average household annual gross income in Western Australia is $133,224, which is well above the national average of $107,276.
Western Australia's wealth is closely tied to the mining sector. Between 2012 and 2014, household incomes in the state rose by 21%, almost double that of New South Wales, the leading east coast state. The state's wealth increased by 24% during the same period, again almost double that of the best-performing east coast states. However, the mining sector's slowdown has impacted earnings and wealth in Western Australia in recent years.
Western Australia is the largest state in Australia by area, covering 1,021,478 square miles. It is the fourth most populous state, with a population of 2,613,700. The state accounts for 46% of the nation's total exports, with gold, crude oil, alumina, liquefied natural gas, iron ore, nickel, and wheat among the most commonly exported products. The state's 2014/2015 GSP was $276.312 billion, placing it among the top four strongest state economies. If Western Australia were an independent nation, its GSP would rank within the top 50 economies globally. The state's per capita GSP is $98,012, the highest in Australia.
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Queensland's population growth
Queensland is currently the top-performing economy in Australia, according to CommSec's latest State of the States report. Queensland's strong population growth, a solid job market, and overseas demand for energy resources, such as coal and natural gas, have contributed to its economic success.
The state's population growth has been influenced by various factors, including its strong economy, which has benefited from booms in mining, transport, tourism, and construction. Queensland's sunbelt image has also attracted discretionary migration, contributing to its population growth. The state's emphasis on agricultural, mineral, and energy resources has further driven population growth and urbanization, leading to rapid expansion in investment and employment opportunities.
Overall, Queensland's population growth is a significant contributor to its economic success, and the state is expected to continue to thrive and attract new residents, solidifying its position as one of Australia's leading economies.
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Tasmania's agricultural production
Tasmania's agricultural sector is also a significant exporter, with international sales surpassing $4.3 billion. The state's food export value increased by 24% in 2019-2020 to a record of $954 million, reaching over 80 countries. Agri-food accounted for nearly a third of Tasmania's international merchandise exports and continues to grow. The state's agricultural producers benefit from their proximity to major ports, providing efficient access to distribution channels.
The Tasmanian Government provides ongoing support to the agricultural sector, recognising its importance to the state's economy. Tasmania also boasts a strong pool of agricultural expertise, with organisations such as the Tasmanian Institute of Agriculture (TIA) and the Centre for Food Innovation (CFI) driving innovation and growth. The state's arable land, advanced supply chain, and cold chain transport systems make it an ideal testing ground for agriculture technology (agtech) solutions.
Tasmania's cropping industry is another vital component of its agricultural sector, employing thousands of people directly and indirectly. The industry's success is attributed to the dedication of its farmers, who strive to balance profitability and sustainability. Cereal and seed crops, such as hemp, vegetable and grass seeds, are among the state's key productions, along with high-value crops like canola and malting barley.
In addition to its agricultural production, Tasmania has diversified its economy by shifting its focus to include wine, saffron, and cherry production. The state has also developed a thriving aquaculture sector, exporting products like Atlantic salmon, crayfish, and abalone.
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New South Wales' infrastructure investments
New South Wales is the richest state in Australia, with the largest infrastructure investments in the nation. The state has a stable economy, a broad base of industries, and solid forward forecasts.
The New South Wales government has committed a record A$112.7 billion in infrastructure projects, including developing new rail, road, and air links, as well as upgrading existing infrastructure such as hospitals, schools, and stadiums.
One of the key infrastructure projects in New South Wales is the Western Sydney International (Nancy-Bird Walton) Airport, which is currently under construction and set to begin operations in 2026. The airport is expected to generate economic activity, provide employment opportunities for locals, and meet Sydney's growing aviation needs. The Western Sydney Aerotropolis, located nearby, will become a thriving economic centre, contributing to 200,000 new jobs and becoming a hub for high-skill jobs in various industries.
Another significant infrastructure investment in New South Wales is the Parramatta Square development, which includes a new 30,000-seat stadium, a cultural centre, and retail opportunities. The state is also investing in the upgrade of existing roads, such as the Princes Highway, the Newell Highway, and the Great Western Highway, to improve transportation across the state.
Additionally, New South Wales is investing in the development of mRNA and RNA drugs and vaccines, positioning itself as a leader in this field in Australia. The state's infrastructure investments aim to support its growing economy and population, making it an attractive destination for businesses and investors.
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South Australia's exports
New South Wales is the richest state in Australia, while the Northern Territory is the poorest. Queensland has the best-performing economy in Australia, with strong population growth, a solid job market, and overseas demand for energy resources.
South Australia, however, has more exports than any other state in the country. The state's manufacturing sector, consisting of automotive, pharmaceuticals, defence technology, and electronic systems production, is the main contributor to its exports. South Australia's gross state product (GSP) was $98.539 billion for 2014/2015, and its per capita income levels are around $58,253, the second lowest in Australia.
While South Australia has experienced low household income gains, with a 6% increase since 2012, it has seen a slight fall in average household wealth during the same period. The state's income and wealth levels are below the national average, with incomes 19% below and wealth 20% below the respective national averages.
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Frequently asked questions
Queensland has been named the top-performing state economy, with strong population growth, a solid job market, and overseas demand for energy resources.
Western Australia leads in terms of income, with an average household annual gross income of $133,224, well above the national average of $107,276.
Western Australia also leads in terms of wealth, with an average household net worth of $952,500, compared to the national average of $809,900.
Western Australia had the highest GSP in 2014/2015, at $276.312 billion. If Western Australia were an independent nation, it would be within the top 50 economies of the world.
