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.