The ABS released its FY2013-14 State Accounts data on Friday which showed that incomes growth is notably slowing both in terms of Real Gross State Income and at the household incomes level. The data also revealed a dramatic divergence in fortunes across the states and territories - both the strength of the respective economies and their housing markets. While a huge growth in volumes of exports kept Gross State Product firing higher in WA, Domestic Final Demand growth in FY2013-14 was driven exclusively by NSW and VIC, juiced by the so-termed wealth effect of rising dwelling prices in Australia's two largest cities. We analyse the most interest data and what it means for Australia's economy here: (VIEW LINK)