Victoria is Australia’s best performing economy thanks to a strong construction sector and its healthy jobs market.
But Tasmania is the second strongest, pipping NSW again, helped by home buying and building for its growing population, CommSec’s latest quarterly State of the States report says.
NSW isn’t very far behind Tasmania because it is consistently strong across all the eight sectors CommSec analyses to gauge the economic health of states and territories.
The sectors are economic growth; retail spending; equipment investment; unemployment; construction work done; population growth; housing finance and dwelling commencements.
NSW’s construction work increased in the last three months, but its population growth was 1.4 per cent lower than the decade average.
The ACT had the fourth strongest economy on the back of a strong job market and solid demand for homes.
There was little to separate Queensland from South Australia, but the northern state was just ahead after stronger population growth.
Western Australia remains in seventh position and the Northern Territory was last.