MAP: NSW has extended its lead as Australia’s best performing economy

Photo: Cameron Spencer/Getty Images

New South Wales has retained top spot in latest CommSec State of the States report. The report showed Victoria came in second again with the ACT the big mover, rising to 3rd spot across the nation.

New South Wales’ dominance was so great that Craig James, CommSec chief economist, said “of the eight indicators we look at, NSW is on top in six”.

But while Victorians might be disappointed about being beaten again, James also highlighted that it is NSW and Victoria in first and second but daylight next.

“While Victoria hasn’t been able to close the gap with NSW, it is clear that NSW and Victoria maintain a healthy lead in economic performance over the rest of the nation,” James said.

Here’s a summary of CommSec’s finding’s for each state:

  • NSW has retained its top rankings on population growth, retail trade, dwelling starts and housing finance but now adds unemployment and equipment investment to the list. NSW is still fourth-ranked on construction work done and fifth ranked on economic growth. Victoria has lost a little ground on NSW but is solidly in second spot on the economic performance rankings.
  • Victoria’s main strengths are population growth and housing finance (second ranked) and dwelling starts and retail trade (third ranked on each indicator).
  • The Northern Territory remains the third ranked economy, but now shares that position with the other territory – the Australian Capital Territory.
  • Northern Territory is top ranked on construction work done and is second ranked on economic growth, business investment and unemployment. But the ‘top end’ economy is last ranked on population growth and housing finance.
  • The ACT economy lifted to equal third courtesy of improved rankings on equipment investment and dwelling starts. The ACT is also third ranked on economic growth, population growth and housing finance.
  • Western Australia is in fifth spot on the economic performance rankings. While top ranked on economic growth, it is bottom ranked on equipment investment and unemployment.
  • Queensland is now in sixth position on the economic performance table. Best rankings are retail trade and dwelling starts (fourth ranked on each indicator).
  • South Australia remains in seventh spot on the economic performance rankings. South Australia does best on population growth and housing finance (both fourth ranked) but is seventh or eighth on three indicators.
  • Tasmania remains at the bottom of the Australian economic performance table. Tasmania is third ranked on unemployment (previously first) and weakened from third to sixth on housing finance.

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