Victoria remains Australia’s strongest performing economy, but it now shares top spot with Tasmania, according to the latest CommSec State of the States report. Using the latest available information, the report provides a valuable snapshot of the nation in the lead up to the coronavirus crisis.
Now in its 11th year, the State of the States report has seen Victoria hold the top position for eight quarterly surveys, with its latest strong performance driven by economic growth, retail spending and construction work.
Tasmania’s economic performance ranking hasn’t been this strong since October 2009. The Apple Isle now shares top spot in the rankings, primarily due to above-‘normal’ growth in population (faster than the decade average) and subsequent strong demand for new homes.
The ACT has overtaken NSW into third position with its highest ranking in over a year, leading the way on relative unemployment, housing finance and equipment investment. NSW has slipped to fourth place, with South Australia and Queensland sitting in fifth and sixth position respectively. Western Australia remains in seventh position, ahead of Northern Territory.