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NSW tops state economic performance

NSW tops state economic performance

NSW has taken top spot again in economic performance, but the ACT has jumped to second place in the latest CommSec State of the States report.

NSW remains the best performing economy across all states and territories, according to the latest State of the States Report released by CommSec today.

Each quarter, CommSec assesses how each state and territory is performing on eight economic indicators.

NSW has held onto the position of best performing economy, and sits at or near the top of all of the key economic indicators used for the rankings.

The ACT rose to second place, while Victoria dropped to third in the overall rankings.

CommSec chief economist Craig James said: “The latest data indicates a multi-speed national economy. NSW is solidly on top with little to separate the ACT and Victoria. Then there is a gap to Tasmania, Queensland, Northern Territory and South Australia then another gap to Western Australia.”

The report compared states and territories for the past quarter on economic growth, retail spending, business investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.

In addition to economic performance the report also considers economic momentum and growth. A state or territory may have been underperforming, but if annual growth is rising, then this suggests that performance has scope to improve.

When looking across growth rates for the states and territories, the ACT doesn’t underperform the national average on any indicator.

At the other end of the scale, Western Australia has annual growth rates below the national average on all eight indicators while the Northern Territory underperforms on seven. 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Investors should consult a range of resources, and if necessary, seek professional advice, before making investment decisions in regard to their objectives, financial and taxation situations and needs because these have not been taken into account. Past performance is not indicative of future performance. Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814 (CommSec) is a wholly owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 and a Participant of the ASX Group and Chi-X Australia.