Australia’s high GDP per capita is one component that contributes to quality of life. When ranked against the world’s best, all of Australia’s states and territories performed well in 2017, all within the top 30.
The Northern Territory, ACT and Western Australia are all in the top ten when ranked against the world’s most productive economies. The top 20 includes Australia’s largest states: New South Wales, Victoria and Queensland. While South Australia and Tasmania are further behind, they are still in the top 30.
While GDP per capita is one useful measure of potential quality of life, the Human Development Index (HDI) is a better measure. The HDI is broad-based and takes into account health, education, social wellbeing as well as economic resources. The latest data show that Australia ranks second in the world behind Norway; not bad, but we’ve slipped from the early 1990s when Australia held the top spot.
The GDP per capita measure is limited, but if we move past that then we can find that it does have value as well. In some ways, the HDI is a measure of how wisely a country/state has used its GDP to create a better place to live.
MacroPlan’s experienced and qualified economists align their understanding of macro-economic forces with micro-economic variables such as geographic and industrial characteristics, demographics, labour market shifts, resource demand and commercial realities. Contact Stuart McKnight, General Manager – Western Australia, today to discuss your property research requirements.