Victoria remains the best performing economy but now shares top spot with Tasmania, according to the latest CommSec State of the States report. The ACT has lifted to third spot from NSW, but there is little separating the top four states.
Victoria has held top position in the economic rankings – either outright or shared – for eight quarterly surveys. In the December Quarter, its strengths were in economic growth – up 27% on its 10-year average; retail spending (up 14%); and home prices (up 11%).
Tasmania took out top rankings in population growth and dwelling starts. The last time Tasmania was ranked No.1 was October 2009. Although it’s not a current measure, Tasmania also leads the ranking with new vehicle registrations.
The ACT has the best unemployment at 3.0%, an 11-year low. It is also in the top spot for home loans which are up 36% on the 10-year average.
Western Australia was the only state where construction spending did not contract in the December quarter.