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Economic output rates shrink in Victoria, Tasmania - The Age

Discussion in 'The Pub' started by Sir Ride Alot, Nov 28, 2013.

  1. Economic output rates shrink in Victoria, Tasmania

    November 28, 2013 - 2:00PM Peter Martin

    Economic output per capita by state in 2012-13.

    Victoria has joined Tasmania as the only states where economic output per resident is shrinking.

    The finding, in the annual state accounts produced by the Bureau of Statistics, does not mean Victoria is in recession. Only Tasmania recorded a recession during 2012-13, with economic output shrinking 0.6 per cent.

    But when account is taken of Victoria's strong population growth, economic output per resident shrank 0.2 per cent in 2012-13 - the first time it has fallen in three years.

    Every state other than Victoria and Tasmania recorded solid growth. In NSW economic output per resident climbed 0.6 per cent, in Queensland 1.4 per cent, in Western Australia 1.5 per cent and in the Northern Territory 3.7 per cent.

    Output per resident climbed 0.3 per cent in South Australia and 0.4 per cent in the Australian Capital Territory.

    Victoria's standard of living almost certainly fell.

    The Bureau's best measure of purchasing power - gross household disposable income per capita - grew more weakly in Victoria than in any other state, climbing less than 1 per cent over the year. Australia's inflation rate was 2.4 per cent.

    Gross household disposable income per capita takes account of wages, the proportion of the population in work and the proportion of income swallowed up by rent.

    NSW fared little better, recording an increase in gross household disposable income per capita of just 1.1 per cent. The national increase was 1.6 per cent, also less than the rate of inflation.

    Victoria now has the second lowest gross household disposable income per person in the nation, ahead of only Tasmania.

    A resident of Western Australia enjoys an average disposable household income of $51,481, a resident of NSW $44,771, a resident of Queensland $42,446 a resident of South Australia $41,186, a resident of Victoria $40,857, and a resident of Tasmania $38,540.

    Read more: http://www.smh.com.au/federal-politics/political-news/economic-output-rates-shrink-in-victoria-tasmania-20131128-2yby0.html#ixzz2luwXppu3
  2. Plus when you take CAD into account (which the ABS has estimated [actual final figures are 2 year out of date] to be almost 5% of GDP), it works out to be major decrease after debt.