The latest CBA “State of the States” report puts NSW at the top of the list and WA last.
NSW has retained its top rankings on business investment, retail trade and dwelling starts. NSW is in second spot on unemployment, construction work and economic growth. NSW is in third spot on housing finance and unemployment.
The ACT has lifted to second spot and is now top-ranked on housing finance. The Territory is second on two indicators and third on another three.
Victoria is in third spot, easing in its relative position on business investment and housing finance. Victoria leads on population growth.
There is little to separate other economies and there have been no changes in rankings.
Tasmania holds its position in fourth spot but there is little to separate it from Queensland, Northern Territory and South Australia. Tasmania is now in second spot for unemployment.
Queensland remains in fifth position on the economic performance rankings. Queensland is benefitting from strong export growth which will boost overall growth of Gross State Product (economic growth). Exports are growing at a 43 per cent annual rate.
The Northern Territory remains in sixth position on the economic performance rankings. The Territory is still ranked first on construction work done and unemployment and is now also top-ranked on economic growth. But on forward-looking indicators like population growth, housing finance and home starts, the Territory lags other
The South Australian economy is in seventh position. South Australia is middle-ranked on business investment and fifth-ranked on dwelling starts.
The economic performance of Western Australia continues to reflect the ending of the mining construction boom. But unemployment has eased over the last three months.