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The Economic State of Our States | Commsec

How are Australia’s states and territories performing?

ideasgraphEach quarter CommSec attempts to find out by analysing eight key indicators: economic growth; retail spending; equipment investment; unemployment; construction work done; population growth; housing finance and dwelling commencements.

Commsec recently released its State of the States report which showed that New South Wales remains Australia’s leading economy,

It has been joined on top by the Northern Territory with Western Australia slipping to third.

The next grouping is Victoria and Queensland.

ACT has now overtaken South Australia into sixth spot while Tasmania is ranked eighth.

Over the past quarter, NSW has improved its position on retail spending to consolidate its position at the top of the economic performance rankings.

Key points:

commsec-state-of-states

 

1. An overview of N.S.W

Key Categories This quarter Vs decade avg.
Dwelling commencements 12470 +46.3%
Unemployment 5.9% +12.0%
Population Growth 1.47% +22.8%
Economic Growth $106,395m +12.0%
Equipment investment $3614m +9.6%
Housing Finance 14907 +2.1%
Retail spending $21735m +16.2%
Construction work $11014m +14.0%

Insight into NSW

New South Wales has retained its top rankings on population growth and is also now number one on retail trade.

It is second placed on business investment, dwelling starts and unemployment.

NSW is fourth on housing finance and overall construction work and fifth on economic growth.

2. An overview of W.A.

Key Categories This quarter Vs decade avg.
Dwelling commencements 8379 +44.0%
Unemployment 5.6% +34.0%
Population Growth 2.16% -18.2%
Economic Growth $76,822m +26.0%
Equipment investment $2,277m +2.1%
Housing Finance 7695 +8.0%
Retail spending $7936m +16.1%
Construction work $12905m +34.0%

Insight into WA

Western Australia is second-strongest on three indicators – economic growth, retail trade and construction work.

The state has slipped to third on both housing finance and dwelling starts and has fallen to seventh on unemployment

3. An overview of NT

Key Categories This quarter Vs decade avg.
Dwelling commencements 625 +61.5%
Unemployment 3.6% -14.0%
Population Growth 1.05% -45.3%
Economic Growth $7,484m +37.2%
Equipment investment $263m +50.6%
Housing Finance 387 -10.8%
Retail spending $748m +15.3%
Construction work $1277m (JunQ)
+47.0%
Insight into NT
The Northern Territory has overtaken Western Australia to now share the mantle of best performing economy.
The NT is top on five indicators including the job market, but it’s sixth on housing finance and seventh on population growth as well as being third on retail trade.

4. An overview of VIC

Key Categories This quarter Vs decade avg.
Dwelling commencements 14748 +24.6%
Unemployment 6.7% +25.4%
Population Growth 1.86% +10.1%
Economic Growth $78,855m +9.2%
Equipment investment $2727m -1.3%
Housing Finance 14155 +8.8%
Retail spending $17016m +12.4%
Construction work $8733m
+7.6%
Insight into VIC

Victoria is still the fourth-ranked economy.Victoria is best on population growth and housing finance (second ranked).

But it’s sixth ranked on economic growth and seventh on equipment investment

5. An overview of QLD

Key Categories This quarter Vs decade avg.
Dwelling commencements 10397 +18.7%
Unemployment 6.6% +29.4%
Population Growth 1.52% -29.4%
Economic Growth $80,094m +12.4%
Equipment investment $2859m +4.6%
Housing Finance 10036 -6.9%
Retail spending $14014 +12.2%
Construction work $13158m +24.0%
Insight into QLD

Queensland remains close to Victoria in the performance rankings, retaining fifth position.

Queensland does best on equipment investment and overall construction work done.

But it is sixth ranked on the leading indicators of population growth and dwelling starts and also sixth on unemployment.

6. An overview of SA
Key Categories This quarter Vs decade avg.
Dwelling commencements 2679 -1.3%
Unemployment 6.5% +18.7%
Population Growth 0.91% -6.0%
Economic Growth $25,582m +8.8%
Equipment investment $674m +1.5%
Housing Finance 3291 -13.1%
Retail spending $4375m +4.3%
Construction work $2311m
+4.0%
Insight into SA

South Australia is the seventh ranked on economic performance.

The state is third ranked on population growth but seventh ranked on economic growth, dwelling starts, housing finance and construction work.

7.  An overview of ACT

Key Categories This quarter Vs decade avg.
Dwelling commencements 1044 +20.1%
Unemployment 4.9% +41.2%
Population Growth 1.23% -22.8%
Economic Growth $14,713m +16.3%
Equipment investment $107m +0.4%
Housing Finance 866 +9.8%
Retail spending $1201m +6.2%
Construction work $736m
+6.5%
Insight into ACT
The ACT economy has regained its position in sixth spot on the economic performance rankings.The ACT has improved its position on housing finance, economic growth and equipment investment

8. An overview of TAS

Key Categories This quarter Vs decade avg.
Dwelling commencements 612 -7.0%
Unemployment 6.8% +12.6%
Population Growth 0.32% -50.4%
Economic Growth $7329m +0.3%
Equipment investment $142m -20.8%
Housing Finance 851 -14.1%
Retail spending $1358m +6.6%
Construction work $548m
+0.3%

Insight into TAS

Tasmania remains at the bottom of the Australian economic performance table.But it has held its third-ranked position on unemployment – in fact the jobless rate is at 28-month lows.

And construction work is expanding at the fastest annual rate in eight years.



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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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