Canberra instance of capital city
Economy
In February 2020, the unemployment rate in Canberra was 2.9% which was lower than the national unemployment rate of 5.1%. As a result of low unemployment and substantial levels of public sector and commercial employment, Canberra has the highest average level of disposable income of any Australian capital city. The gross average weekly wage in Canberra is $1827 compared with the national average of $1658 (November 2019).The median house price in Canberra as of February 2020 was $745,000, lower than only Sydney among capital cities of more than 100,000 people, having surpassed Melbourne and Perth since 2005. The median weekly rent paid by Canberra residents is higher than rents in all other states and territories. As of January 2014 the median unit rent in Canberra was $410 per week and median housing rent was $460, making the city the third most expensive in the country. Factors contributing to this higher weekly rental market include; higher average weekly incomes, restricted land supply, and inflationary clauses in the ACT Residential Tenancies Act.The city's main industry is public administration and safety, which accounted for 27.1% of Gross Territory Product in 2018-19 and employed 32.49% of Canberra's workforce. The headquarters of many Australian Public Service agencies are located in Canberra, and Canberra is also host to several Australian Defence Force establishments, 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. Other major sectors by employment include Health Care (10.54%), Professional Services (9.77%), Education and Training (9.64%), Retail (7.27%), Accommodation & Food (6.39%) and Construction (5.80%).The former RAAF Fairbairn, adjacent to the Canberra Airport was sold to the operators of the airport, but the base continues to be used for RAAF VIP flights. A growing number of software vendors have based themselves in Canberra, to capitalise on the concentration of government customers; these include Tower Software and RuleBurst. A consortium of private and government investors is making plans for a billion-dollar data hub, with the aim of making Canberra a leading centre of such activity in the Asia-Pacific region. A Canberra Cyber Security Innovation Node was established in 2019 to grow the ACT's cyber security sector and related space, defence and education industries.
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