CommSec has crunched the numbers and can reveal Australia’s best economy. The answer may surprise you.
Tasmania has held onto its status as Australia’s best performing state economy, new research has revealed.
According to CommSec’s State of the States report, Tasmania has been ranked the best economy for the sixth quarter in a row.
The Apple Isle leads on four of the eight economic indicators: relative population growth, equipment investment, relative unemployment and dwelling starts.
The island also ranked second on another two indicators – construction work and retail spending.
CommSec Chief Economist, Craig James, said Tasmania was likely to continue performing as the nation’s best economy for at least the remainder of the year.
“It is important to note that all states and territories are performing solidly,” he said.
“That is no small feat in an environment dominated by COVID-19 with the frequent, but necessary, lockdowns and border closures.
‘The aim is to protect the health of Australians while substantial stimulus and support measures protect economies.
“Tasmania remains in top position in the economic performance rankings. Tasmania leads the nation on four of the eight indicators assessed.
“It’s unlikely to face any challenge to its dominance on the key economic indicators for at least the next six months.”
The State of States report ranked Victoria the second best economy in Australia with ACT third, South Australia fourth, NSW fifth, Western Australia sixth, Queensland seventh and the Northern Territory eighth.
Queensland’s jobless rate is at a 12-year low.
“Queensland has scope to improve its economic performance in the second half of 2021 due to an improvement in the job market and rising inbound migration,” Mr James said.
“The jobless rate stands at 12-year lows. Similarly, the Western Australian economy has significant momentum provided by strong demand and higher prices in the mining sector. Home building is also strong with dwelling starts at five-and-half-year highs.”
For the State of States report, CommSec, the digital broking arm of CommBank, assesses the performance of each state and territory quarterly using eight key indicators.
They are: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
CommSec compares the key indicators to decade averages.
OTHER HIGHLIGHTS FROM STATES AND TERRITORIES
- NSW is in second position on both housing finance and equipment investment.
- Victoria ranks first on two of the eight indicators – housing finance and construction work done.
- Queensland ranks third on relative population growth, relative unemployment and retail trade. The Queensland jobless rate is at 12-year lows.
- South Australia ranks third on both dwelling starts and construction work done. Dwelling starts in South Australia stand at 36-year highs.
- Western Australia ranks first on relative economic growth with output 23 per cent above the decade average. WA is third-ranked on equipment investment.
- Tasmania ranks first on relative population growth, equipment investment, relative unemployment and dwelling starts. Dwelling starts stand at 27-year highs. Tasmania also ranks second on retail trade and ranks third on relative economic growth.
- The ACT is top ranked on retail trade and is in second spot on relative economic growth and dwelling starts.
- The Northern Territory ranks second on relative population growth. Northern Territory has the fastest annual growth for three of the indicators.
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