Victoria has surpassed Tasmania and has become Australia’s highest performing state as Australia’s economy has surpassed the country for the first time since April 2020.
According to the latest quarter State state According to a report by Australia’s largest online brokerage firm CommSec, Victoria ranked first among the states and territories in retail spending, surged 18.5% in the March quarter after COVID-19 was unlocked. Did.
The state also has the strongest employment market in Australia, with an unemployment rate of 3.2% in June, 43.2% lower than the 10-year average.
In addition, Victoria was ranked second in the construction and housing finance category and third in the start of housing.
Meanwhile, the Australian Capital Territory was second, but Tasmania, which was the leader in the previous report, fell to third. Queensland was fourth, but it wasn’t much different from Tasmania.
Western Australia was 5th, South Australia 6th, New South Wales 7th, and the last place belonged to the Northern Territory.
“Yes, I couldn’t pick a winner in three months. CommSec Chief Economist Craig James said in a comment from AAP that it was very close between 1st and 4th, with 5th. Even 6th place is not too far away. “
CommSec said all states and territories are on track despite difficult times.
“I think ultra-low interest rates still provide good support for the economy,” James said. “And I see it in many good readings, such as in housing finance.
At the same time, the Chief Economist said there is a lot of construction activity going on across Australia, which puts pressure on resources, building materials and the workforce.
In addition, Australian consumers were willing to spend, despite reduced consumer confidence.
Queensland had strong momentum despite being ranked 4th
Speaking of Queensland, the state’s performance has fallen to fourth place, but the momentum is strong, James said.
“If [you] Look at the growth rate of the indicator, which is basically leading Australia, “he said. “It’s intriguingly close to winning one of the top three spots.”
Queensland led the country with a relative population growth of 1.42 percent compared to last year, but employment growth of 4.6 percent also ranked first in the country.
The State of the States report compares quarterly growth across eight key indicators to the 10-year average, rather than directly comparing the economic performance of each state with the economic performance of other states. Evaluate performance.
The eight economic indicators used are economic growth, personal consumption, fixed investment, construction work, housing finance, unemployment, population growth and housing start.
Regarding the state’s future performance, the report said it would depend on the impact of higher COVID-19 cases and higher interest rates.
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Alfred Bui is a Melbourne-based Australian reporter with a focus on local and business news. He is a former small business owner and holds two master’s degrees in business law and business law. Contact him at [email protected]