We assess the relative performance of the population – the current annual growth rate and compare it with the
average (“normal”) growth rate for the decade. This is most relevant to the economic performance of each state or territory.
Population growth is clearly an important driver of the economy as a whole, particularly retail spending and housing demand. With the end of foreign border closures, annual population growth is increasing in states and territories. However, only Queensland has population growth above its ten-year average.
Queensland remains in the lead
Queensland remains the strongest in terms of relative population growth, with its annual population growth rate of 1.81% now 16.8% above the decade average for the year to the March quarter of 2022 (latest available).
South Australia is now second on the measure of relative annual population growth. In South Africa, its annual population growth rate of 0.77% is down 15.4% from the decade average.
This is followed by Western Australia (down 26.6%), followed by Tasmania (down 46.2%); New South Wales
(down 46.5 percent); the Northern Territory (down 49.6%); Victoria (down 57.7%); and ACT (down 69.6%).
The state with the fastest absolute annual population growth is still Queensland (up 1.81%). Western Australia (up 1.06%), followed by South Australia (up 0.77%); Victoria (up 0.71%); New South Wales (up 0.61%); ACT (up 0.60%); Tasmania (up 0.54%); and the Northern Territory (+0.34%).
Queensland’s annual population growth of 1.81% is the strongest since the June quarter of 2013.
The annual population growth of 0.61% in New South Wales and the population growth of 0.71% in Victoria are both the
fastest growth rates since June quarter 2020.
In the remaining states and territories, annual population growth rates are at least the fastest since the December 2020 quarter.
Originally Posted by Craig James, Chief Economist and Ryan Felsman, Senior Economist – CommSec