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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.

Now in its 12^th year, 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.

For the second quarter in a row, Tasmania holds the mantle of the best performing economy in its own right. But there have been notable changes in the other rankings. Victoria has dropped from second to third spot, behind the ACT. NSW shares equal fourth spot with South Australia. Then in joint sixth position are Queensland and Western Australia from the Northern Territory.

Tasmania has now been on top for three straight surveys. The second ranking for the ACT is its highest ranking in just over three years. And the third ranking for Victoria is its lowest position in just over three years. South Australia is in joint fourth position – its highest ranking in three years. South Australia is in joint fourth position – its highest ranking in three years. And the joint sixth position for Western Australia is its highest ranking since April 2016.

1. Tasmania 

Insights into TAS

Tasmania remains in top spot on the economic performance rankings. Tasmania leads on five of the eight economic indicators.

2. ACT

Insights into ACT

The ACT is in second spot in the rankings. The ACT is top-ranked on relative unemployment.

3. Victoria

Insights into VIC

Victoria is now third on the overall economic performance rankings. Victoria still ranks first on two of the eight indicators.

4. New South Wales

Insights into NSW

NSW is in joint fourth position on the overall economic performance rankings. NSW is ranked second on construction work.

4. South Australia

Insights into SA

South Australia is now in joint fourth position on the performance rankings. South Australia is second-ranked on relative population growth.

6. Queensland

Insights into QLD

Queensland is now in joint sixth position on the performance rankings. Queensland is ranked second on retail trade.

6. Western Australia

Insights into WA

Western Australia is now in joint sixth spot. WA ranks second on relative economic growth and third on equipment investment.

8. Northern Territory 

Insights into NT

The Northern Territory is second ranked on relative unemployment but lags all other states and territories on six of the eight indicators.