There is little to separate other states in the latest report with Queensland and South Australia equal second, followed by NSW in fourth, Victoria and Western Australia in equal fifth. The ACT has slipped from sixth to seventh, while the Northern Territory remains in eighth position.
The CommSec State of the States report uses the latest available information to provide an economic snapshot of each state and territory by comparing eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction, population growth, housing finance and dwelling commencements.
CommSec Chief Economist Craig James said Tasmania leads the other states and territories on three of the eight indicators with a strong job market, high dwelling starts and solid equipment investment. It is second or third on three indictors: housing finance, economic growth and construction work.
“Australia’s states and territory are all close on the performance indicators. Looking ahead, sectors like construction, education and consumer spending are likely to be supported by high rates of in-bound migration,” Mr James said.
“We anticipate ongoing growth in the Tasmania, Queensland and South Australia economies in the next six months and that these states will remain at the top of the leader board.”
Trend unemployment in Tasmania was 3.8 per cent in March, which is 37.7 per cent below the decade average. Dwelling starts, which are driven in part by population growth, were 17.8 per cent above the decade average in Tasmania.
Despite ranking last, the Northern Territory has recorded the fastest job growth in the 12 months to March 2023, up 5.1 per cent. This provides scope for improvement on consumer spending and housing demand.