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Australia’s strongest state economy revealed
Tasmania remains Australia’s strongest-performing state economy, narrowly beating Victoria, new data has revealed.
Australia’s strongest state economy revealed
Tasmania remains Australia’s strongest-performing state economy, narrowly beating Victoria, new data has revealed.
The 12th edition of CommSec’s State of the States report showed that Tasmania is once again Australia’s top-performing state economy.
In fact, Tasmania has now topped the list for the last six quarters, CommSec reported.
According to the trading platform, Tasmania leads on four of the eight economic indicators, including relative population growth, equipment investment, relative unemployment and dwelling starts. It also ranked second on another two indicators – construction work and retail spending.
While Tasmania remained Australia’s top-performing state, CommSec’s chief economist, Craig James, said it is important to note that all states and territories are performing solidly.
“That is no small feat in an environment dominated by COVID-19 with the frequent, but necessary, lockdowns and border closures,” he said.
“The aim is to protect the health of Australians while substantial stimulus and support measures protect economies.”
While appearing lower on the list, Queensland and Western Australia are showing the strongest momentum into the second half of 2021 due to an increased influx of Aussies moving to those states.
Not only is Queensland rapidly improving, its jobless rate has now fallen to 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.
Mr James highlighted the boom and bust mining cycles Western Australia faces, with the current upswing adding to the state’s economic recovery.
“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,” the economist continued.
While Victoria, NSW and South Australia are currently battling lockdowns, some of the latest data may not be included in the study.
“The State of the States report uses the most recent economic data available. However, while some data relates to the March quarter, other data – such as unemployment – is timelier, covering the month of June,” CommSec concluded.
The official state rankings are:
- Tasmania
- Victoria
- ACT
- South Australia
- NSW
- Western Australia
- Queensland
- Northern Territory
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