NSW sitting pretty on State of the States

NSW sitting pretty on State of the States

 

 

CommSec’s quarterly “State of the States” report ranks all of  Australia’s states and territories according to economic indicators including retail spending, population growth, construction work and home finance lending. According to the eight indicators, NSW is the best performing economy in Australia. Victoria, which has seen some of Australia’s largest population growth is quickly chasing the tail of NSW.

 

Population growth is evidently driving economic performance through construction of homes, and associated retail activity for both NSW and Victoria.

 

NSW has retained its top rankings for both retail trade and dwelling starts, and is now top on equipment investment and unemployment.

Good news for the Retail Sector, with spending  in  NSW  recorded at 16.9% higher than  decade-average levels in the June quarter. Solid activity in NSW housing construction, lower unemployment and higher home prices are anticipated to continue to support spending for retail.

 

The ACT ranks third highest performing economy in Australia, however jobs were lagging in the territory. NSW boasts the lowest jobless rate in nine years.

 

NSW was the only state which saw  business  spending  in  the  June  quarter above  decade-average  levels  with  investment in equipment and plant for businesses up  5%.

 

 

NSW also observed strong new vehicle sales, up 17.5% on decade averages.

 

The latest CommSec State of the States report can be viewed online. The latest State of the States report also includes a section comparing annual growth rates for the eight key indicators across the states and territories as well as Australia as a whole. This enables another point of comparison – in terms of economic momentum.

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