There is little that separates Tasmania from NSW. South Australia now ranks third, followed by Queensland, Western Australia, Victoria, ACT and the Northern Territory.
CommSec’s State of the States report uses the latest available information to provide an economic snapshot of each state and territory by comparing eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction, population growth, housing finance, and housing starts.
This quarter, the State of the States report focuses particularly on the annual growth rates of the eight indicators to highlight economic momentum.
CommSec Chief Economist Craig James said Tasmania leads the other states and territories in two of the eight indicators with high home construction and firm investment in equipment.
“There is little to separate Tasmania from NSW in terms of economic performance. And NSW has solid momentum on its side, topping the annual growth rate rankings for all eight indicators.
“Indeed, Tasmania faces challenges from at least three economies: New South Wales, South Australia and Queensland. In particular, Tasmania ranks eighth in relative population growth, pointing to slower economic activity ahead.”
“There are encouraging signs for the Western Australian economy. Western Australia leads other states and territories in annual growth rates for two of eight indicators. This points to the potential to move up the economic performance rankings in the coming years.”
State and Territory Highlights
- Tasmania ranked first for home construction and equipment investment.
- NSW ranked first for relative unemployment.
- South Australia ranked first in relative population growth.
- Queensland ranked first for mortgage lending.
- Western Australia ranked first in relative economic growth.
- Victoria ranked first in construction work done.
- The ACT ranked first in retail spending.
- The Northern Territory ranked third in relative economic growth.
annual growth rates
- Annual changes in economic indicators are useful for measuring economic momentum.
- NSW has the strongest economic momentum, up from second in the May 2023 survey. Queensland is now in second, up from fourth.
- In joint third position is Western Australia, up from seventh in the previous survey. Victoria also ranks third along with South Australia.
- The ACT ranks sixth ahead of the Northern Territory and Tasmania falls to eighth from fifth on record in the May 2023 survey.
- Western Australia leads other states and territories in annual growth rates for two of the eight indicators.
- New South Wales, South Australia, Tasmania, the Northern Territory, Queensland and the ACT lead on one indicator.