According to Commsec’s state market reports, Victoria has earned the title of Australia’s best performing economy.
Due to its strength in economic growth, retail, job market and construction, Victoria’s overall economic performance ranked first for the first time in three quarters.
The new state, which previously occupied the top spot with Victoria, is ranked second, but all economic indicators remain strong.
CommSec analyzes eight key indicators quarterly: economic growth, retail spending, equipment investment, unemployment, construction, population growth, housing finance and residential start-ups.
Comparing the growth rates of states and territories, Victoria surpassed the national average in seven of the eight indicators, and the lowest among the Victorian indicators was the population growth rate, ranking fourth in Australia. Victoria’s economic activity in the quarter of March was 26.6% higher than the “normal” or 10-year average output, slightly ahead of NSW, and the NSW economic output was 25.1% higher than the “normal” level.
The Victorian job market is the strongest, with an unemployment rate of 4.7%, which is 16.5% lower than the 10-year average. Tasmania’s economic performance is currently ranked third, and the state has strength in building and buying homes.
The Capital Territory ranks fourth, and it is inferior to Tasman in terms of housing indicators. Queensland ranks fifth in performance. The report said that the Queensland economy has continued to improve in the past three quarters.
The strong population growth in Queensland is driving retail spending, which currently has an average annual growth rate of 5.5%. Queensland ranks third in the country in terms of economic growth and population growth. Although construction and residential operating rates in Queensland fell by 21.7% and 9.9%, housing finance fell by 10.8%.
According to the report, the economies of Queensland and South Australia are tied for sixth because the difference between the two is small. Western Australia ranks seventh, ahead of the Northern Territory. Except for one indicator, all other indicators in the Northern Territory lag behind the national level.
Https://www.abc.net.au/news/2018-07-30/victoria-displaces-nsw-as-nations-strongest-economy/10050678