Overview: How are Australia's states and territories performing? Each quarter CommSec assesses the overall economic performance of each jurisdiction on eight key indicators: economic growth; retail spending; equipment investment; unemployment; construction work done; population growth; housing finance; and dwelling commencements.
Just as the Reserve Bank uses long-term averages to determine the level of ‘normal’ interest rates; we have done the same with key economic indicators. For each state and territory, latest readings for the key indicators were compared with decade averages – that is, against the ‘normal’ performance.
Last quarter NSW shared the top spot of Australia’s economic performance rankings alongside the Northern Territory. However this time around NSW has edged ahead to take sole ownership of the top ranking. The Northern Territory was ranked the second best performing economy overall, ranking first on four of the eight indicators: economic growth; equipment investment; unemployment; and construction work. The next grouping is Western Australia and Victoria. Queensland holds on to fifth spot. The ACT and South Australia are closely grouped in sixth and seventh respectively. Tasmania is ranked eighth.