Western Australia ranked first on relative economic growth. Tasmania ranked second on equipment investment and housing finance.
Victoria leads the economic rankings, closely followed by the ACT and Tasmania, with Queensland not far behind in fourth position, with little separating the top four positions.
“When looking at annual growth to get a guide on economic momentum, Queensland had annual growth rates that exceeded the national average on five of the eight indicators,” James said.
The private sector wage price index rose 1.2 per cent in the September quarter 2022, the highest rate of growth since September quarter 2010. Compared to a year ago, private sector wages rose 3.4 per cent, the highest annual rate of growth since December quarter 2012. We continued re-engaging with the world.
Australia is now home to 2.2 million millionaires, according to a new study. Half of all Australians in 2021 had more than $400,000 in wealth. It means we have the highest median wealth of all the countries studied.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
Collating numbers released in the IMF's quarterly update on foreign exchange reserves, RBC's Sydney-based fixed income strategist Michael Turner said it appeared China held around $130 billion of the $730 billion Australian Government and quasi-government bonds in the market.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Australia's GDP, which is roughly $1 trillion, is smaller than that of the United Kingdom.
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.
Queensland claimed the title of the country's happiest state. Savings aspirations among Australians remain very high, with the number of people trying to save rising to 76% overall (73% in Q2), and to 96% among 18 to 29-year-old women. Pets continue to be the biggest contributor to a person's wellbeing.
Living in Melbourne
Melbourne is considered by some to be the best city to live in Australia, and has even been ranked as the world's most livable city more than once. It's home to a thriving live music scene, late-night bars and laneways dotted with cafés and coffee shops.
But the list was mostly dominated by affluent areas of Sydney. The 2027 postcode, which includes Darling Point, Edgecliff and Point Piper, came in second with $205,957. This was followed by the 2023 postcode, which includes Bellevue Hill, with an average income of $195,204.
The Australian Taxation Office has released data compiled by tax returns from 2019-2020, filed by more than 14 million Australians. And it turns out Perth has the wealthiest neighbourhoods in the country.
Sydney has traditionally been a significant driver of Australia's economy, accounting for 29.8 per cent of Australia's economic growth in the 1990s. This title was ceded to Melbourne in the 2000s (19.1 per cent), with Sydney accounting for 17.1 per cent of national growth in the 2000s.
Unlike most wealthy countries, Australia's economy lacks both diversification and sophistication. Australia's primary exports are in low complexity categories such as mining and agriculture.
For the youngest generation, $428,474 is needed to classify yourself as rich. That's more than six times greater than the median personal income of $52,338, according to the Australian Bureau of Statistics.
China is Australia's largest two-way trading partner in goods and services, accounting for nearly one third (31 per cent) of our trade with the world.
Those with the highest external debt to China are Pakistan $77.3 billion, Angola $36.3 billion, Ethiopia $7.9 billion, Kenya $7.4 billion and Sri Lanka $6.8 billion.
In Australia, and in countries around the world, government economic support packages in response to the COVID-19 pandemic have led to large increases in government debt, continuing a trend of increasing government debt since the global financial crisis (GFC).
reports India's total wealth is more than Australia, France, Canada and Italy while the US and China top the list of the wealthiest countries in the world, according to a report by New World Wealth.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008).
One in four Australians, 25.1 per cent, are finding it difficult to get by on their current income, new analysis from The Australian National University (ANU) shows. This is the highest percentage of financial stress among Australians during the COVID-19 pandemic and almost as high as pre-pandemic levels.