Economic activity
Gross state product Annual % growth | 2.6% FYE 2023 | |
|---|---|---|
State final demand Annual % growth | 2.1% Dec-2023 | |
Household consumption Annual % growth | 0.0% Dec-2023 | |
Dwelling investment Annual % growth | −2.7% Dec-2023 | |
Business investment Annual % growth | 11.3% Dec-2023 | |
Government spending Annual % growth | 4.1% Dec-2023 |
Labour force and population
Employment Annual % growth | 2.3% Mar-2024 | |
|---|---|---|
Unemployment rate Monthly rate | 4.1% Mar-2024 | |
Participation rate Monthly rate | 67.3% Mar-2024 | |
Employment-to-population ratio Monthly rate | 64.6% Mar-2024 | |
Population Annual % growth | 2.9% Sep-2023 | |
Net overseas migration Persons in quarter | 42k Sep-2023 | |
Net interstate migration Persons in quarter | −39 Sep-2023 |
Prices and interest rates
Consumer price index Annual % growth | 3.6% Mar-2024 | |
|---|---|---|
Wage price index Annual % growth | 3.7% Dec-2023 | |
Producer price index - final demand (national) Annual % growth | 4.3% Mar-2024 | |
Cash rate target Latest target | 4.35% Apr-2024 | |
Mortgage rates Monthly rate | 7.3% Mar-2024 |
Trade
Exports (goods + services) Annual % growth | 20.7% Dec-2023 | |
|---|---|---|
Imports (goods + services) Annual % growth | 2.7% Dec-2023 | |
Trade balance AU$ billion | −$20b Dec-2023 | |
Real exchange rate (trade-weighted) % deviation from 20-year average | 1.1% Dec-2023 | |
Exchange rate (USD) USD/1 AUD | 0.65 Mar-2024 |
Overview
Economic activity
Definitions
- GSP
- Gross state product (Victoria); growth over the year of financial year total.
- SFD
- State final demand (Victoria); growth over the year of quarterly total.
- GSP quarterly components
- State final demand and net international trade (both Victoria); growth over the year of four-quarter rolling total. These are available quarterly, providing a partial indicator ahead of official GSP releases. This indicator misses interstate trade, changes in inventories and discrepancies in different measures of GSP. Users are cautioned that these missing components are volatile, contributing significantly to the growth rate in GSP even if their size is relatively small.
Prices
Definitions
- CPI
- Consumer price index (Melbourne); growth over the year of quarterly index.
- WPI
- Wage price index (Victoria); growth over the year of quarterly index. This reflects the average labour cost increase for the same job over time. This removes composition effects such as changing jobs and job progression, so it is possible for household incomes to be healthy even when WPI growth is low.
- PPI (Final Demand)
- Producer price index for final demand (Australia); growth over the year of quarterly index. Unlike the CPI, this measure goes beyond households to include goods and services used by businesses and government.
- AWE
- Average weekly earnings (Victoria); growth over the year of average earnings in collection week, collected twice yearly. Unlike the WPI, AWE does not adjust for job types, so it better reflects the average earnings of workers.
Labour market
Definitions
- Unemployment rate
- Unemployment rate (Victoria); weekly rate collected monthly.
- Employment growth
- Employment (Victoria); growth over the year of weekly employment collected monthly.
- Weekly payroll growth
- Payroll employment (Victoria) from Single Touch Payroll data; growth over the year. This covers fewer forms of employment than the official labour force figures, but is available earlier. Not seasonally adjusted.
Source: Australian Bureau of Statistics. View as table.
For more details, see the DJSIR Victorian Labour Force Dashboard.
Interest rates
Definitions
- Mortgage rates
- Discounted interest rate on owner-occupier home loans. These are the rates offerred on standard variable home loans as part of professional packages.
- Savings rates
- The higher of the deposit rates for online savings accounts or bonus deposit accounts. The latter are accounts that pay bonus interest for at least one deposit and no withdrawals each month.
- Cash rate
- The interbank overnight cash rate targeted by the RBA; latest target.
- Forward rates
- RBA estimates for zero-coupon forward rates for analytical use.
Source: Reserve Bank of Australia 2024. View as table.
Demand components
Spending in the economy can be separated by final user—households (consumption and dwelling investment), businesses (investment) and government. Each provides information on different aspects of the economy.
Contribution to growth rate of state final demand
Industry
An industry's growth may be measured by its gross value added (the amount of production or value it adds to the economy) or employment. Some industries, such as finance, employ relatively few people but contribute significantly to economic activity.
Industry activity
Industry employment
Population
Population growth can be split by origin/destination — overseas, interstate or local. Historically, the natural increase (births minus deaths) has been largely stable, with almost all the variation in population growth coming from net overseas migration. Net interstate migration, while volatile, often makes up small numbers. Intercensal discrepancy covers population change between Australian Censuses that is not captured in data for the other components.
Contribution to annual population growth
Regions
Labour force
Regional unemployment rate, 3 month average,
Population
Annual population growth,
Legal
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