Fire Protection Association Australia 03 8892 3131
SPARKLinkedInTwitterFacebook
CONNECT Login

State and Territory Economic Performance

Posted on : Wednesday, 25 January 2017

 

The Commonwealth Banks's Quarterly CommSec report into State and Territory economic performance attempts to find out by analysing eight key indicators, how each State and Territory is performing: economic growth; retail spending; business investment; unemployment; construction work done; population growth; housing finance and dwelling commencements.

 

The latest data indicates a two-tiered national economy with strength in the south-east states and territories, while there is little to separate the other state and territory economies. By way ofbreak down and in order of overall performance the following summarises the CommSec Report.

 

NSW tops growth on three measures; ACT on two measures, and Victoria, Tasmania and the Northern Territory lead the way on the other three.

 

 1. NSW: has retained top ranking on business investment, retail trade and dwelling starts and is also top-ranked on unemployment and economic growth. NSW is in second spot on construction work and population growth.

 

 2. Victoria: remains solidly in second spot on the economic performance rankings. Victoria is top-ranked on population growth and housing finance and ranked second on retail trade and business investment. Victoria is third ranked on construction work and dwelling starts.

 

 3. ACT: retains its 3rd  placing as an economy The ACT is ranked second on housing finance, and ranked third on four other indicators;

 

 4. Tasmania is the big improver, up from seventh position to fourth on the rankings. Tasmania is fourth-ranked on three indicators and fifth-ranked on one indicator;

 

 5. Queensland: has lifted from sixth to fifth place on the economic performance rankings. The economy is second ranked on dwelling starts and population growth is lifting;

 

 6. Northern Territory: has slipped from fourth to sixth position on the economic performance rankings. The NT is still ranked first on construction work done and unemployment and second-ranked on economic growth. But on forward-looking indicators like population growth, housing finance and home starts the NT lags other economies;

 

 7. South Australia: is in seventh position. South Australia is middle ranked on business investment and fifth ranked on three indicators;

 

 8. Western Australia: The economic performance continues to reflect the ending of the mining construction boom. But the recent strong recovery in metal and mining prices and record mining export volumes are encouraging.

 

Other Indicators - Wages and Prices*

State/Territory

Wages

Consumer Prices

Home Prices

 

June 16

Sept. '16

June 16

Sept. '16

Sept. '16

Dec '16

New South Wales

2.2%

2.1%

0.9%

1.7%

10.2%

15.5%

Victoria

2.1%

2.0%

1.4

1.4

9.0%

13.7%

Queensland

1.9%

1.9%

1.5

1.5

3.0%

3.6%

South Australia

2.2%

2.3%

0.7

1.2

6.5%

4.2%

Western Australia

1.8%

1.7%

0.5

0.5

-7.0%

-4.3%

Tasmania

2.2%

2.2%

1.2

1.3

8.7%

11.2%

Northern Territory

2.0%

2.2%

0.0

0.0

-6.0%

0.9%

Australian Capital Territory

1.9%

1.9%

0.8

1.4

9.0%

9.3%

* Annual % change.Source:CommSec October 2016 Quarterly Report - ABS, CoreLogic-RP Data,

CommSec Wage Price Index and Consumer Price Index; Home Price Index

Source:CommSec January 2017 State and Territory economic performance report


Return to News