THE BIG FOUR
A long table this Missive post outlining the top 25 urban areas across the country with regards to economic size.
Top 25 urban areas by economic size
|State or territory||Size of economy
|% share of Australian economy|
Our economy is really concentrated in just a few places.
The 25 urban areas in the table hold over 80% of our economic activity.
When you combine south east Queensland ($220 billion or about 14% of Australia’s economy) with Sydney, Melbourne and Perth, these four major urban areas hold two-thirds of the Australian economic activity.
That is why – as we have outlined in recent months – most of the future population growth and new job creation is very likely to be confided to these four areas.
Unless we decentralise our economy, spend big time on new infrastructure in the big four or reduce our migration intake, then Sydney, Melbourne, SEQld and Perth are going to become much more congested and expensive.
When taking a wider view, this is happening around the globe – the rise of the mega city – and this trend is expected to accelerate in the future.
The challenges are big but not unsurmountable.
The table has been compiled by using gross regional product by local government area, as at 2016 financial year (latest data available) from statistics by NIEIR.
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