Tasmania has reportedly been rated as the best state economy for the fifth straight quarter, with the Australian Capital Territory (ACT) in second place.
CommSec State of States Reportpdf) Measure and analyze quarterly state and territory economic performance against the 10-year average, or “normal” performance, for eight key indicators.
Western Australia (WA) has risen from 6th to 3rd, the highest rank in six years, against the backdrop of the mining boom and the surge in housing construction.
Indicators are economic growth, retail spending, capital investment, unemployment, construction work, population growth, housing finance, and housing start.
Both Tasmania and ACT lead three different economic indicators, but Tasmania’s lowest ranking on the other indicators was third.
“Tasmania and ACT remain firmly at the top of the performance rankings due to Tasmania’s above-average population growth and ACT’s strong job market,” said Craig James, Chief Economist of CommSec. Said.. “As a result, it is unlikely that there will be any major changes to the top of the rankings in the near future.
Tasmanian Prime Minister Peter Gutwein Said As the state elections approached this Saturday, the report was “evidence” of his government’s economic control, the examiner said.
CommSec State Ranking
Tasmania remains at the top of CommSec’s state economic rankings after leading the country in three of its eight economic indicators. Relative population growth, capital investment and housing will begin.
- Australian Capital Territory (ACT)
ACT leads other states in terms of relative unemployment, retail and relative economic growth. Retail spending overtook Tasmania, 19.4 percent above the 10-year average for the Australian Capital Territory.
- Western Australia (WA)
WA is currently up 3rd and is the highest ranking in 6 years. Despite the overall rise in WA rankings, James said the state faces major challenges as equipment investment and retail fell sharply this quarter.
Victoria remains at the top of construction and housing finance, but has been reduced by relative unemployment and employment growth figures.
- South Australia (SA)
SA’s strongest performance derives from its relative population growth and is located from the center to the bottom of the pack of other indicators.
Queensland was second in housing finance, but capital investment and relative economic growth were sluggish. James believes he can move up the ranks later this year.
“Queensland also has room to move up the rankings in 2021 due to improved job markets, increased inbound migrants and increased domestic tourism demand,” said James.
- New South Wales
NSW shows disappointing performance as it slides further down from the previous sixth spot. Although the state ranked third in construction work, its annual population is growing at its slowest rate in over 25 years.
- Northern territory
NT is the last ranked CommSec state report for the 10th consecutive quarter. Demonstrated the best performance in capital investment. However, it ranks lower in all other areas.