The economy comes under the high-income OECD countries according to the classification of economies by
region and income FY 2005 made by the World Bank.The economy of Australia is very powerful with regards to its developed technology.The per capita Gross national income of the state in 2003 was estimated at $ 21,650.
In terms of purchasing power parity, Per capita GDP in 2002 was US $ 28,260. Average annual growth rate of GDP was 2.4 % during 2003. The contribution of the service sector to the total GDP is the highest followed by the industrial sector.