NSW has the worst performing state economy – not the greatest story to tell going into an election year
The latest annual state account figures released late last week by the bureau of statistics show that Victoria is the strongest overall performing state and that generally all states grew well in the 2017-18 financial year. But the figures also highlight the ongoing problem of flat income growth with most states showing either falling or barely any growth in real household income for the past six years.
Unlike the national GDP figures, the gross state product figures are released only annually, and as such they help provide a broader picture of the economy than we get in the quarterly GDP figures. In the quarterly national figures the broadest measure we get of states’ economic performance is the “state final demand” figure, which excludes exports and imports and can hide a great deal of what is going on.
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