NSW and Victoria Tie as Nation’s Top Economies – The Urban Developer

Victoria has retained its position as Australia’s top economy for a third straight quarter, with NSW vying for the pole position, topping a number of key economic indicators.

The results are part of CommSec’s quarterly State of the States report which ranks Australia’s states and territories according to eight economic indicators.

The report analyses the current rates of economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements to score each state.

Victoria muscled its way to Australia’s leading economy mid-year last-year, claiming top spot for the first time since CommSec began rating the relative performance of the states a decade ago.

The state’s long standing commitment to property development, housing-starts and new infrastructure bolstered its position, while benefiting from solid population growth, strong job markets, retail spending and business investment.

In the latest edition of the standings, Victoria has ranked first in terms of economic growth, retail trade, unemployment and construction work done, while NSW remained consistently strong across the board and was second placed on six indicators.

The ACT retains third spot on the performance rankings with strength, due to the building and purchase of new homes.

Tasmania is in fourth spot with a lift in population growth, driving new home construction and business investment.

At the other end of the scale, the Northern Territory fell into eighth place, just below Western Australia.

Both face challenges with the transition of resources projects from the construction to the export phase.

Related: Is the Housing Market Putting Australia’s Economy at Risk?

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