How are Australia’s states and territories performing? Each quarter CommSec attempts to find out by analysing 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.
This report is particularly timely. Released just ahead of the Federal Budget and a possible July election it provides insights on the shape of state and territory economies.
NSW has retained top spot as the best performing economy. However Victoria has edged a little closer to top spot. Both states are maintaining a healthy lead over the other states and territories.
The ACT economy has held onto third spot.
And while the Northern Territory economy has held onto fourth place, there is now little now separating Queensland (fifth) from the ‘top end’ economy.
The big change over the past quarter has been another drop in the Western Australian economy, this time to sixth position (previously fifth).
And the Tasmanian economy has moved up the rankings into equal seventh with South Australia. There is little to separate the bottom three ranked economies.