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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 the economic indicators. For each state and territory, latest readings for the key indicators were compared with decade averages – that is, against the “normal” performance.

The State of the States report also includes a section comparing annual growth rates for the eight key indicators across the states and territories, as well as Australia as a whole. This enables another point of comparison – in terms of economic momentum.

State of the States

Brought to you by the CommSec Economics Team

For the first time in three quarterly surveys, Victoria is the best performing economy in its own right. NSW is now in second spot. Also Tasmania is now solely in third spot with the ACT slipping to fourth position. Then there is a gap to South Australia and Queensland. And in the fourth grouping is Western Australia and the Northern TerritoryVictoria continues to benefit from solid population growth and a strong job market.

NSW remains consistently strong across all indicators. Tasmania is now solely in third spot on the performance rankings with strength in the building and purchase of homes. The ACT is in fourth spot, losing ground to Tasmania on housing indicators. The ACT is in fourth spot, losing ground to Tasmania on housing indicators. Queensland is now in fifth spot from South Australia but there is little to separate the two economies. Western Australia remains in seventh position, ahead of Northern Territory.

State & Territory breakdown

 

1. Victoria

Strength: Job Market 

Weakness: Relative Population Growth  

 

Insights into VIC

Victoria is on top of the economic performance rankings. Victoria ranks first on four of the eight indicators.

 

2. New South Wales

Strength: Dwelling Starts 

Weakness: Housing Finance

 

Insights into NSW

NSW is in second position on the overall economic performance rankings. NSW is second-ranked on five of the eight indicators.

 

3. Tasmania 

Strength: Housing Finance 

Weakness: Job Market

 

Insights into TAS

Tasmania is in third position on the economic performance rankings. Tasmania is ranked first on relative population growth and housing finance.

 

4. ACT

Strength: Housing Finance

Weakness: Relative Population Growth 

 

Insights into ACT

The ACT is in fourth spot in the rankings. The ACT is second-ranked on housing finance and equipment investment.

 

5. Queensland

Strength: Relative Economic Growth

Weakness: Job Market

Insights into QLD

Queensland is now in fifth position on the performance rankings. Queensland is ranked third on relative economic growth and relative population growth.

 

6. South Australia

Strength: Housing Finance

Weakness: Relative Population Growth

 

Insights into SA

South Australia is in sixth position on the performance rankings behind Queensland. But there is little to separate the two economies.

 

7. Western Australia

Strength: Job Market 

Weakness: Construction Work

 

Insights into WA

Western Australia is seventh or eighth on all of the indicators. But exports are growing strongly.

 

8. Northern Territory 

Strength: Job Market

Weakness: Relative Population Growth

 

Insights into NT

The Northern Territory is seventh-ranked on economic growth but lags all other states and territories on the other seven indicators.

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