That’s the question answered by CommSec’s State of the States report.
The report analyses eight key indicators across states and territories and compares them with historical norms. The indicators are:
- Economic growth
- Retail spending
- Equipment investment
- Construction work done
- Population growth
- Housing finance
- Dwelling commencements
NSW is still proving the place to be, again outranking all other states and territories as the nation’s top performer. While Victoria is nipping at its heels, Tasmania is still struggling to keep up with the rest of the country.
NSW had the best performing economy, but along with Victoria, both states maintained a healthy lead over the rest of the country.
At the top end of the country, very little separated the Northern Territory (fourth) and Queensland (fifth) but the big shift came from Western Australia. It dropped to sixth place.
Tasmania sits in seventh place. However, it has seen momentum in retail rankings, up slightly from previous rankings. It is ranked fourth for unemployment.
CommSec chief economist Craig James said NSW was very much a clear leader.
“On five out of the eight indicators, NSW is number one and it’s actually second on two of the other indicators.
“Population growth is strong, that’s driving the housing market and also providing a prop to retail trade.
“Victoria is closing in on NSW. Housing finance is the real strength in Victoria and in four of the eight criteria, Victoria is number two."
- New South Wales
- Australian Capital Territory
- Northern Territory
- Western Australia
The full report can be found at CommSec.