Commonwealth Bank has released its latest CommSec State of the States Report, looking into the economic performance of each of Australia’s eight territories.
New South Wales (NSW) remains the best performing economy in Australia but there have been subtle shifts of the mid-ranked states and territories, the study finds. Western Australia ranks eighth as, while employment growth is positive, it still is showing weariness following the end of the mining and construction boom.
CommSec Chief Economist Craig James said: “The latest data shows Australia’s domestic economies to be in good shape but with some differences in relative performance. Those economies benefitting from favourable population growth are performing best, reflected in stronger home building and retail activity.”
Each of the state and territory economies were assessed on eight key indicators: economic growth; retail spending; business investment; unemployment, construction work done; population growth; housing finance and dwelling commencements.
NSW ranks well in all of the categories, retaining top spot in retail trade and dwelling commencements and taking number one status in equipment investment and unemployment.
The infographic below rounds up the key findings from the State of States Report.