Quarterly Gross State Product Australia, Quarterly GSP Australia, Quarterly State Accounts Australia. Economic growth. GSP growth. New South Wales (NSW), Victoria (Vic), Queensland (Qld), South Australia (SA), Western Australia (WA), Tasmania (Tas), Australian Capital Territory (ACT), Northern Territory (NT). Benchmarking. June quarter 2023, 2022/23. Australian Bureau of Statistics (ABS), Cat No. 5220.0, Cat No. 5206.0.
On 6 December 2023 the Australian Bureau of Statistics (ABS) published the September quarter 2023 Australian National Accounts: National Income, Expenditure and Product (Cat. No. 5206.0), which means we can update the Practical Economics quarterly Australian state and territory Gross State Product (GSP) data series.
The ABS publishes quarterly Gross Domestic Product (GDP) in Cat. No. 5206.0, and annual GSP in Australian National Accounts: State Accounts (Cat No. 5220.0), but does not publish quarterly state and territory GSP.
The Practical Economics quarterly GSP method involves benchmarking quarterly industry indicators to annual GSP data. For a full description of the method see here and in the Technical Paper that can be downloaded here.
At this stage our quarterly industry indicators are national quarterly industry value-added data (i.e. the initial indicator for each industry is the same in every state and territory), which are benchmarked to annual state and territory GSP.
These are experimental data and we encourage you to read our disclaimers here and here.
Table 1 below shows quarterly GSP growth for the September quarter 2023. Most states and territories experienced strong economic growth in the September quarter 2023 and the year to the September quarter (September quarter 2023 relative to the September quarter 2022).
Table 1: September Quarter 2023 Practical Economics Gross State Product, Percentage Changes, Chain Volume Data, 2022/23 Annual Benchmark
| State | Quarterly Growth Jun-23 to Sep-23 | Year-on-year Growth Sep-22 to Sep-23 |
| NSW | 0.53 | 2.46 |
| VIC | 1.17 | 2.43 |
| QLD | 1.21 | 2.63 |
| SA | 0.97 | 3.48 |
| WA | 0.56 | 1.92 |
| TAS | 1.91 | 4.99 |
| NT | 7 | 2.87 |
| ACT | 1.09 | 4.13 |
| AUS | 0.95 | 2.52 |
The Victorian economy continues to recover, although it is not back to where it could have been had the COVID-19 lockdowns not occurred.
Western Australian GSP growth increased in the September quarter, but annual growth continues to moderate. We’ve given up on trying to figure out what is happening in the Northern Territory.
The national economy remains roughly back on track relative to the extrapolated pre-COVID lockdown trend, as estimated between the September quarter 2015 to the December quarter 2019, with the updated national estimate (sum of states) moving slightly closer to the previous trend.
However, there are substantial changes in the individual state and territory results.
In addition to lost output during the lockdowns, Victoria’s GSP remains well below its 2015-2019 trend. Perhaps its loss in output is permanent? We’ll see.
In contrast South Australia’s and Western Australia’s economies are now well above the previous trend, albeit off tepid growth from 2015 to 2019.
The next regular update to our series will come from the ABS National Income, Expenditure and Product release on 6 March 2024, which will include national industry data for the December quarter 2023.
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