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What is Australia’s best-performing state economy?
One area has emerged as Australia’s best state economy as the COVID-19 pandemic continues to wreak havoc in other parts of the country, new research has found.
What is Australia’s best-performing state economy?
One area has emerged as Australia’s best state economy as the COVID-19 pandemic continues to wreak havoc in other parts of the country, new research has found.
A quarterly report released by CommSec has shown that Tasmania has knocked off Victoria, which has held the top spot for the last eight surveys.
Tasmania has forged ahead of its state counterparts, with high population growth, strong demand for housing, as well as improved performance of the job market and consumer spending.
“While Victoria has slipped to second position in the rankings, this is largely due to Tasmania forging ahead on a number of indicators. Victoria has generally held steady; however, there are now greater risks for the Victorian economy given the second wave of coronavirus and a return to more stringent lockdown that has occurred in recent weeks,” CommSec chief economist Craig James said.
Tasmania’s unemployment has risen to 6.9 per cent and has moved the least compared with any other state, the report found.
“The coronavirus crisis is posing significant challenges across all states and territories. Some have been more successful in suppressing coronavirus cases, and that may lead to relative outperformance on economic indicators in future months,” Mr James noted.
“Each state and territory has its unique pressures – for example, domestic tourism will impact the states differently. However, the coronavirus pandemic has demonstrated how we’re all interconnected. We really are all in this together.”
The ACT placed third, followed by NSW in fourth, with Queensland and South Australia coming in fifth and sixth, respectively.
Western Australia placed seventh and Northern Territory came in at last place.
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