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State and territory economic performance snapshot

Posted on : Friday, 10 November 2017

The 'multi-speed economy' as described in the last two Commonwealth Bank's Quarterly CommSec reports into state and territory economic performance is now described as being in good shape.

 
There have been some changes in the pecking order of where respective states and territories lie in the economic relationship to each other. However, NSW continues to remain on top while Victoria and the ACT follow closely, maintaining the July status. The tables below are extracted from the CommSec Report.

 

  1. NSW: retains its top ranking on both retail trade and dwelling starts and is on top on equipment investment and unemployment while being second on three of the remaining eight categories.
  2. Victoria: is second on economic performance with its momentum provided by its leading position on population growth and construction work. Victoria is second on four indicators.
  3. ACT: has moved to third spot, the spot it held in the July report, but is co-ranked on housing finance and in third spot on retail trade and economic growth but has slipped to seventh in unemployment ranking.
  4. South Australia: has lifted from sixth to fourth on performance rankings while being third on dwelling starts, business investment and unemployment.
  5. Tasmania is in fifth position while ranking second on unemployment and third on population growth with improvement in retail and home building.
  6. Queensland: is in sixth position but there is little to separate it from SA, Tasmania and the NT. Queensland benefits from economy-leading job growth and strong export-growth - growing at a 39% annual rate.
  7. Northern Territory: retains its seventh position on the economic performance rankings while being top ranked on economic growth, and it has slipped from first to fourth on unemployment.
  8. Western Australia: WA's economic performance continues to reflect the ending of the mining construction boom. However, the job market continues to improve with employment growth the strongest in four and half years.

 

Other indicators - wages and prices*


State/Territory

Wages

Consumer Prices

Home Prices

 

March '17

June '17

March '17

June '17

March '17

June '17

New South Wales

2.0%

2.0%

2.4%

2.2%

12.2%

10.5%

Victoria

2.0%

2.0%

2.5%

2.2%

13.7%

12.1%

Queensland

1.9%

1.9%

1.8%

1.8%

2.0%

2.9%

South Australia

2.2%

2.1%

2.0%

1.6%

2.4%

5.0%

Western Australia

1.2%

1.4%

1.0%

0.7%

-1.7%

-2.9%

Tasmania

2.3%

2.0%

2.3%

2.3%

6.8%

14.3%

Northern Territory

2.1%

2.1%

0.5%

0.5%

-7.0%

-4.7%

Australian Capital Territory

1.8%

1.9%

2.3%

2.1%

9.6%

7.8%

 

* Annual % change. Source: CommSec October 2017 Quarterly Report - ABS, CoreLogic-RP Data, CommSec Wage Price Index and Consumer Price Index; Home Price Index
Source: CommSec October 2017 State and Territory economic performance report