Australia’s best and worst performing states

The latest CommSec's State of the States analysis has confirmed a multi-speed national economy in Australia, with New South Wales solidly on top. Western Australia, meanwhile, still has the worst performing economy in the country.

According to the report, NSW has kept the position as the best performing economy. It has retained its top rankings on dwelling starts and retail trade. Spending in NSW was 16.1 percent above decade average levels in the March quarter. Higher house prices, low unemployment and solid activity in the housing sector continue to support spending in the state.

Victoria follows at the second spot in the economic performance rankings. Spending in the state was 14 percent above decade average levels. It is still supported by home building as well as rise in employment.

ACT landed on the third sport. It has dropped from second spot to third rank because of the softening of its job market in the past months.

Tasmania remains in fourth place while Queensland is in the first spot. South Australia is in sixth position, followed by Northern Territory in seventh.

As for Western Australia, it continues to lag other economies. Annual growth rates remain below national averages on all indicators.

The analysis notes that the economic performance of Western Australia continues to reflect the end of the mining construction boom. But unemployment has eased over the past months.

Each quarter, CommSec determines Australia’s best performing states and territories. It considers eight key indicators in its analysis, which are housing finance and dwelling, retail spending, economic growth, unemployment, economic growth, construction work done, population growth and commencements.

Victoria follows NSW on the retail rankings. No changes in the rankings were recorded in the past three months.

The Northern Territory has the strongest job market in Australia. Jobless rate here is the nation’s lowest at 3.1 percent.

CommSec has also found that in terms of annual growth of real retail trade, the ACT is the strongest. Victoria is strongest when it comes to monthly retail trade.

In the ACT, NSW, Victoria, Tasmania, South Australia and Queensland, housing finance commitments are above decade averages. Tasmania has seen the trend number of commitments reach above year-ago levels. The ACT is still on top spot with the number of commitments up by 22.4 percent on the long-term average. NSW was the second strongest, up 15 percent on decade averages and then followed by Victoria which was up 14.3 percent.

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