NSW again strongest Australian economy

29 January 2018
| By Hannah Wootton |
image
image
expand image

New South Wales was Australia’s top performing economy in 2017, followed by Victoria and the Australian Capital Territory, as it retained its tops ranking across most economic indicators in CommSec’s latest State of the States report.

CommSec looked at the performance of each state and territory regarding retail trade, dwelling starts, equipment investment, construction work, unemployment, population growth, business investment and housing finance across each quarter.

New South Wales secured the top ranking in five of these categories, which was the third year in a row it had been the top performing economy. Victoria was the second best, leading annual growth in multiple indicators.

“As we saw last quarter, Australia’s economies are in good shape but it is the two most populous states that lead the way on the back of solid activity in home purchase and construction,” Craig James, CommSec chief economist said.

Queensland showed strong employment growth, while Tasmania was top-ranked on relative population growth. South Australia shows growth in construction work and the Australian Capital Territory was the leader in housing finance. The Norther Territory showed strong growth in exports, but also had worse unemployment than in previous years.

In positive news for Western Australia, employment growth was close to the highest it had been in five years and population growth was strong, despite the end of the mining construction boom.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

17 hours 40 minutes ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago