Tasmania’s economy beats other states to regain top rankings

Tasmania has been in the limelight for eight consecutive quarters, as the Australian economy remains strong despite the COVID-19 pandemic, Commonwealth Securities reports.

According to a quarterly State of States report produced by Commonwealth Securities (CommSec), Tasmania is likely to regain top position and maintain it in the short term. However, the largest online brokerage firm has warned that many things could change in 2022.

CommSec said Tasmania was the leading candidate, while other states and territories were not far behind. South Australia is 2nd, Victoria is 3rd, West Australia is 4th, Queensland is 5th, New South Wales is 6th, Australia’s Special Region of Australia is 7th, and the final ranking is Northern Territory. It belonged.

Craig James, Chief Economist at CommSec, said:

Western Australia’s economy is backed by iron exports and rising prices. Meanwhile, strong government and corporate investment continues to benefit SA’s economic climate.

CommSec evaluates the Australian and territorial economies quarterly using eight key indicators: economic growth, consumer spending, fixed investment, unemployment, construction, population growth, housing finance and housing start. I am doing.

Epoch Times Photo
Aerial view of Hobart, Tasmania and Mount Wellington. (AAP image / MACq 01 Hotel, provided by Stu Gibson)

Tasmania ranked first on four indicators: fixed investment, unemployment, retail spending and housing start. On the other hand, it won second place in economic growth and construction work.

“The blockade weighed on the economic performance of NSW and ACT in the previous study,” James said. “Both of these economies could expand their rankings again, but the COVID-19 restrictions and the resulting labor shortage present new challenges for all economies, not just NSW and ACT. increase.”

The Chief Economist at CommSec expects the Queensland economy to be more likely to contribute from the opening of national and international borders.

James said the economies of all Australian states and territories remain strong, supported by strong fiscal and monetary stimulus measures and historically low unemployment rates recorded in many of the countries. Said.

“Reflecting current COVID-related self-isolation requirements and border restrictions, the workforce is in short supply in many industries,” he said. “The country will continue to face the challenge of managing the latest Omicron waves, and infrastructure spending will continue to be a major driver of growth in 2022.”

Alfred buoy