- Tasmania has defended it's top ranking on the State of the State's report
- CommSec releases a quarterly report for each state's economy
- Western Australia and Queensland have been earmarked for promising momentum
Tasmania leads the pack in CommSec’s latest ‘State of the States’ report for the June quarter. The outlook is promising for Western Australiana and Queensland which both show strong momentum, largely accounted for by strong internal migration.
Remarkably even in the economic environment of the pandemic, all the states and territories are described as “performing solidly”.
While Tassie is on top, there is little difference in the other economies. Victoria is ranked second; ACT, third; South Australia, fourth; NSW, fifth; Western Australia, sixth; Queensland, seventh; and the Northern Territory is eighth.
“It is important to note that all states and territories are performing solidly. That is no small feat in an environment dominated by COVID-19 with the frequent, but necessary, lockdowns and border closures.”
Craig James, CommSec Chief Economist
“The aim is to protect the health of Australians while substantial stimulus and support measures protect economies,” said Mr James.
This marks the sixth quarter in a row that Tasmania has ranked as the best performing economy. The ‘Apple Isle’ led on four of the eight indicators in the report relative to population growth, equipment investment, relative unemployment and dwelling starts. It ranked second for two other categories (construction work and retail spending).
“Tasmania remains in top-position in the economic performance rankings. Tasmania leads the nation on four of the eight indicators assessed,”
“[Tasmainia is] unlikely to face any challenge to its dominance on the key economic indicators for at least the next six months.
Craig James, CommSec Chief Economist
“Queensland has scope to improve its economic performance in the second half of 2021 due to an improvement in the job market and rising in-bound migration. The jobless rate stands at 12-year lows.”
“Similarly, the Western Australian economy has significant momentum provided by strong demand and higher prices in the mining sector. Home building is also strong with dwelling starts at five and half year highs.”
State of the States Ranking & Summary
- Tasmania ranks first on relative equipment investment, population growth, relative unemployment and dwelling starts. Dwelling starts are at 27-year highs. Tasmania also ranks second on retail trade and ranks third on relative economic growth.
- Victoria ranks first in housing finance and construction work done.
- The ACT is ranked highest for retail trade and is in second place on relative economic growth and dwelling starts.
- South Australia ranks third on both dwelling starts and construction work done. Dwelling starts in South Australia stand at 36-year highs.
- NSW is in silver place on both housing finance and equipment investment.
- Western Australia ranks first on relative economic growth with output at an incredible 23 per cent above the decade average. WA is third-ranked on equipment investment.
- Queensland ranks third in relative population growth, relative unemployment and retail trade. The state also enjoyed jobless rates at a 12-year low.
- The Northern Territory ranks second in relative population growth. the territory has the fastest annual growth for three of the indicators
