The worst performing states are Tasmania, with incomes 26% below the national income and wealth average, as well as South Australia which is 19% below the average household income and 20% below the national net wealth.
In 2016, the Australian Taxation Office listed Mungallala as having the lowest mean taxable income by postcode, making it the poorest town in Australia, which led the ABC to do a documentary on the town for their online "storyhunters" program.
The Australian Capital Territory (ACT) is a small region that houses the nation's capital, Canberra. While its gross domestic product is not the largest, the territory boasts the highest average income in the country, thanks to its strong public administration and professional services sectors.
Queensland has the best-performing economy in Australia, according to CommSec's latest State of the States report. The Sunshine State has been named the top-performing state economy, thanks to strong population growth, a solid job market and overseas demand for energy resources, such as coal and natural gas.
The poorest States in 1990, Tasmania and South Australia, are also the poorest States in 2020. The wealthiest States in 1990, the Northern Territory, WA, and the ACT, are also the wealthiest in 2020 (though WA took the lead from NT in 1993 and has mostly held it ever since).
South Australia has been crowned Australia's most considerate state! South Australians have been found to be the most likely to consider other people's needs, according to the Helga's Kindness Index, a first-of-its-kind report examining the state of kindness in the country.
With 126,900 millionaires, Sydney made it to number 10 with the report noting especially strong growth in wealth in the Harbour City over the past 20 years, making it Australia's wealthiest city.
The table and infographic map below breaks this down to show how each state is faring. WA is Australia's fastest growing state, growing at more than twice the national growth rate, twice the rate of Victoria and almost three times that of NSW.
No suburb in the country features a greater concentration of members of The List – Australia's Richest 250 than Toorak, where Melbourne's wealthiest families have gathered for decades. Think historic looking mansions guarded by large hedges set back from the street to ensure privacy.
Six of the 10 most advantaged areas were in Sydney, with the 53,496 people living in Woollahra – in the city's eastern suburbs – topping the list.
And it turns out Perth has the wealthiest neighbourhoods in the country. Residents of Cottesloe and Peppermint Grove in the Western Australian capital boast an average taxable income of $325,343 apiece.
India is world's sixth wealthiest country with total wealth of $8,230 billion, according to a report by New World Wealth. reports India's total wealth is more than Australia, France, Canada and Italy while the US and China top the list of the wealthiest countries in the world, according to a report by New World Wealth.
Australia's GDP per capita is currently nearly 80 per cent of that of the US, having risen from around 75 per cent in the mid-1980s.
Currently, the Australian capital city with the worst affordability is Hobart. While Sydney, Melbourne, Adelaide and the ACT all improved in affordability during the COVID-19 pandemic, they declined again in 2022.
Western Australia, with 528,827 overseas-born residents, had the highest proportion of foreign-born population.
The Australian Capital Territory had the largest share of interstate visitors (100%), followed by the Northern Territory (NT) (60%), and Tasmania (46%).
“Queensland's known as the Sunshine State. All those rays and the laid-back lifestyle might be among the reasons why it's Australia's happiest state,” Bayliss said.
1. Canberra – Australia's Capital City. Nestled between Sydney and Melbourne, Canberra is not only the capital but also Australia's safest city. With a low crime rate and a small-town vibe, Canberra offers an attractive blend of city living and peaceful suburban life.
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.
Australia's most expensive suburbs by median house price are all concentrated in Sydney, the most expensive city in Australia, and one of the most expensive in the world.