New South Wales has taken top spot in Australia’s economic rankings, pushing aside the mining powerhouse Western Australia.
This is the first time since the July 2011 that there has been a new leader at the top of Australia’s economic performance rankings, according to CommSec’s quarterly State of States report.
NSW has the fastest annual economic growth rate, up by 6.3% on a year ago, ahead of Western Australia with 3.3% and Victoria on 1.7%.
By contrast the Northern Territory economy contracted 1.2% on a year ago, suggesting that its top-ranking for economic activity compared with the decade average of 34% may be at risk.
NSW is top of rankings on population growth and dwelling starts and second on retail trade, business investment and unemployment.
NSW is also third on housing finance and fourth on overall construction work and economic growth.
While NSW is the big improver, up from third to first, the ACT economy has moved from a grouping with Victoria and Queensland to the third tier of state and territory economies.
Western Australia has lost ground on retail trade, equipment investment and population growth – a consequence of the fading of the mining boom.
But Western Australia is still best performing on housing finance – the new economic driver.
The Northern Territory is now the third best performing economy.
In fact, the NT is top on five indicators with low unemployment and equipment investment driving growth. But it is also third on dwelling starts, sixth on population growth and eighth on housing finance.
CommSec analyses eight key indicators: economic growth; retail spending; equipment investment; unemployment; construction work done; population growth; housing finance and dwelling commencements.
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