The ABS State Accounts underscored the relative strength of Queensland's economy, wherein Gross State Product defied the odds to grow by 2.1 per cent in the 2024 financial year, driven by the booming south-east Queensland corridor.
The Northern Territory saw a rebound in oil and gas extraction after last year's declines, accounting for the strong number for the Top End, while Canberra's endless boom in public administrators rolled inevitably onwards.
Public administration and safety was the main driver of the ongoing growth in government agencies, with a +7.7 per cent increase.
Generally, through, growth in the Aussie economy per capita has been weak.
Source: ABS
Canberra has always seen higher gross incomes per capita than other parts of the country, but the relative differential really accelerated away under Labor's governments from 2007 to 2015, and has remained there ever since.
Gross income per capita in the ACT today is 52 per cent higher than in New South Wales, and an astonishing 72 per cent higher than in Victoria.
It's been a tough year or two for Victoria, with a huge increase in land and property taxes being levied on the population in order to tackle the state's debt mountain.
At the household level, once-lowly Tasmania now has a higher income per capita than Victoria for the first time.
A glance at the interest payable on dwellings over the past two financial years tells its own story, with households being slammed by higher mortgage rates.
It's no wonder retailer insolvencies have surged and the consumer economy in the mortgage belt is hurting.
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Commonwealth Bank of Australia (ASX: CBA) saw a record closing share price of $156.38, up by more than 50 per cent over the past year, suggesting that banks are at least enjoying the higher mortgage rates.
