We assess relative population performance–the current annual growth rate and compare it with each economy’s
decade-average (‘normal’) growth pace. This is most relevant to the economic performance of each state or territory.
Population growth is clearly an important driver of the broader economy, especially retail spending and housing demand. With the ending of foreign border closures, annual population growth is lifting across states and territories. However only Queensland has population growth above its decade average.
Queensland remains in top spot
Queensland remains strongest on relative population growth, with its 1.81 per cent annual population growth rate now 16.8 per cent above the decade-average for the year to March quarter 2022 (latest available).
South Australia is now second on the relative annual population growth measure. In SA, its 0.77 per cent annual population growth rate is down 15.4 per cent on the decade average.
Next strongest was Western Australia (down 26.6 per cent), followed by Tasmania (down 46.2 per cent); NSW
(down 46.5 per cent); the Northern Territory (down 49.6 per cent); Victoria (down 57.7 per cent); and the ACT (down 69.6 per cent).
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The state with the fastest absolute annual population growth is still Queensland (up 1.81 per cent). Next strongest is still Western Australia (up 1.06 per cent), followed by South Australia (up 0.77 per cent); Victoria (up 0.71 per cent); NSW (up 0.61 per cent); the ACT (up 0.60 per cent); Tasmania (up 0.54 per cent); and the Northern Territory (up 0.34 per cent).
The 1.81 per cent annual population growth in Queensland is the strongest growth since June quarter 2013.
The 0.61 per cent annual population growth in NSW and the 0.71 per cent population growth in Victoria are both the
fastest growth rates since June quarter 2020.
In other states and territories, annual population growth rates are at least the fastest since December quarter 2020.
Originally published by Craig James, Chief Economist and Ryan Felsman, Senior Economist – CommSec
