The latest State of the States report from CommSec shows that Queensland and Western Australia have each fallen one place on the list to sixth and seventh respectively, while South Australia jumped them both to be fifth. But in two years Western Australia has gone from first to seventh in the performance rankings.
NSW has retained its top rankings on population growth, equipment investment, retail trade, and dwelling starts and added economic growth. But NSW drifted to second spot on unemployment. NSW improved to third ranked on construction work and drifted to third on housing finance (previously second).
Victoria is solidly in second spot on the economic performance rankings. Victoria is ranked second on a number of indicators (economic growth, population growth, retail trade, business investment, construction work and housing finance). Victoria has moved from second ranked to fourth ranked on unemployment.
Both states are maintaining a healthy lead over the other states and territories.
The Northern Territory holds fourth position and remains in top spot for construction work done and is also now best on unemployment. However the Territory economy is losing momentum, ranked last on population growth, business investment and housing finance, while sixth ranked on retail trade.
The South Australian economy is now fifth-ranked (previously sixth) and improved in the quarter. South Australia is middle ranked on population growth and housing finance and fifth ranked on economic growth. It remains last on retail trade.
Queensland shifts from fifth to sixth spot on the economic performance rankings. While second-ranked on dwelling starts, it is bottom-ranked on construction work and seventh-ranked on economic growth and unemployment.
Western Australia is now seventh and near the bottom of the Australian economic performance table. In two years the mining state has gone from first to seventh. WA is third on retail trade and is middle-ranked on construction work. But WA struggles on unemployment (last) and is ranked seventh on business investment, population growth, and housing finance.
Tasmania is in eighth position. The “Apple Isle” is fifth ranked on four indicators but is last on dwelling starts and economic growth.
There is little to separate the bottom three ranked economies.
