Resources push WA economy to new heights
CommSec has released this quarters State of the States report, providing an in depth analyses of the country’s states using eight key indicators: economic growth retail spending requipment investment unemployment construction work done population growth housing finance and dwelling commencements.
Western Australia was clearly found to be the country’s best performing economy, outperforming all states in economic growth, construction work, unemployment, retail trade and equipment investment.
While lagging behind in equipment investment, Victoria maintained strong housing indicators and good retail spending, with the ACT also recording similar growth.
Queensland is continuing its forward momentum in all performance rankings, with the state benefitting from rebuilding work and coming in second place on economic growth.
New South Wales was found to be lagging behind in economic growth, while its population is providing an ample amount of skilled labor and floating housing finance.
Tasmania has slipped further down in economic performance rankings, lacking momentum in key areas, while recording strong dwelling commencement.
The report found the Northern Territory to be enjoying low unemployment and strong retail spending, while lagging behind in housing indicators and population growth.
The full report can be found here