Country Idealist Profiles

Australian Capital Territory, Economy

Posted in ACT (Australia) - Basics by diego1084 on August 6, 2008

Gross Territorial Product (2006-07)

– Product ($m)                 $20,985 (6th)

– Product per capita          $62,793 (2nd)

Australian Capital Territory Unemployment Rate (2006): 3.2%.

As of July 2006, the unemployment rate in Canberra is 2.8%, well below the national unemployment rate of 4.8%, with labour shortages reported in some sectors. As a result of low unemployment and substantial levels of public sector and commercial employment, Canberra has the highest average disposable income of any Australian capital city. The gross average weekly wage of a Canberra resident is $1,208.50, compared with the Australia wide average of $1,043.10. The median house price in Canberra as of June 2005 was $352,500, lower than Sydney, Melbourne and Perth but higher than all other capital cities. The median house price in September 2006 was $375,000. The average price in November 2006 was $411,305. The median weekly rent paid by Canberra residents is higher than rents in all other states and territories. As at the September quarter of 2006 the median rent for a 3 bedroom house was $320 per week. This is the highest of all capital cities in Australia. The median rent for ‘other’ dwellings is $300 per week.

The Australian Capital Territory has the highest proportion of occupied dwellings connected to the Internet (75%), and also the highest proportion of occupied dwellings having Broadband connectivity (53%).

The city’s main industry is government administration and defence, which accounted for 26.1% of Gross Territory Product in 2003–04 and employed over 40% of Canberra’s workforce. The major public-sector employers in Canberra include the parliament and government departments such as Department of Defence, Finance, Foreign Affairs and Trade, and Treasury. A number of Australian Defence Force establishments are located in or near Canberra, most notably the Australian Defence Force headquarters and HMAS Harman, which is a naval communications centre that is being converted into a tri-service, multi-user depot. The former RAAF Fairbairn, adjacent to the Canberra International Airport was sold to the operators of the Airport, but the base continues to be used for RAAF VIP flights.

A growing number of independent software vendors have based themselves in Canberra, to capitalise on the concentration of government customers. Notable among these are QSP, Tower Software, RuleBurst and The Distillery. Property and business services, construction, health and community services, and education are other significant contributors to the economy of Canberra.

Source: http://en.wikipedia.org/wiki/Canberra

Source: http://en.wikipedia.org/wiki/Australian_Capital_Territory

Source: http://en.wikipedia.org/wiki/Australian_Capital_Territory#Education

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