ACT topped state and territory growth in FY23

The news: The ACT economy grew the most of Australian states and territories in the 2023 financial year, according to ABS data.

The numbers: The ACT recorded Gross State Product (GSP) of 4.3%, followed by South Australia (+3.8%) and New South Wales (+3.7%). GSP lifted in all states and territories except the Northern Territory, which contracted 5.3%. On a per capita basis, the ACT grew 2.4%, SA 2.2%, NSW 1.9%, Western Australia 1.0%, Victoria 0.4% and Queensland 's growth was flat. Tasmania grew 0.5% on a per capital basis and the NT economy contracted 6.2%.

The context: The broader Australian economy grew 3.0% in the 2023 financial year, the first without Covid-19 border closures and lockdowns since the onset of the pandemic. International demand for Australian commodities was strong, and domestic prices increased at their fastest rate since 1988-89, the ABS said.