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  1. CommSec have just released it's latest quarterly 'State of the States' report. The April 2017 economic performance report is below. How are Australia’s states and territories performing? Each quarter CommSec attempts to find out by analysing eight key indicators: economic growth; retail spending; equipment investment; unemployment; construction work done; population growth; housing finance and dwelling commencements. Just as the Reserve Bank uses long-term averages to determine the level of “normal” interest rates; we have done the same with the economic indicators. For each state and territory, latest readings for the key indicators were compared with decade averages – that is, against the “normal” performance. 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. NSW REMAINS ON TOP; ACT LIFTS TO 2ND How are Australia’s states and territories performing? For each state and territory, latest readings for the key indicators were compared with decade averages – that is, against the ‘normal’ performance. The 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. The latest data indicates a multi-speed national economy. NSW is solidly on top with little to separate ACT and Victoria. Then there is a gap to Tasmania, Queensland, Northern Territory and South Australia then another gap to Western Australia NSW has solidly held the position as the best performing economy, at or near the top on all indicators. The ACT has moved into second spot, improving its relative position on five of the eight indicators. Victoria has eased to third spot on the economic performance rankings but there is little to separate the state from the ACT. Tasmania remains in fourth spot just ahead of Queensland, Northern Territory and South Australia. The rankings haven’t changed in the last quarter. Western Australia continues to lag other economies and annual growth rates remain below national averages on all indicators. State & Territory breakdown 1. New South Wales Strength: Dwelling starts Weakness: Housing Finance Insights into NSW NSW has retained its top rankings on business investment, retail trade and dwelling starts. NSW is in second spot on unemployment, construction work and economic growth. NSW is in third spot on housing finance and unemployment. 2. ACT Strength: Housing Finance Weakness: Construction Work Insights into ACT The ACT has lifted to second spot and is now top-ranked on housing finance. The Territory is second on two indicators and third on another three. 3. Victoria Strength: Population Growth Weakness: Unemployment Insights into Victoria Victoria is in third spot, easing in its relative position on business investment and housing finance. Victoria leads on population growth. 4. Tasmania Strength: Population Growth Weakness: Economic Growth Insights into TAS Tasmania holds its position in fourth spot but there is little to separate it from Queensland, Northern Territory and South Australia. Tasmania is now in second spot for unemployment. 5. Queensland Strength: Retail Trade Weakness: Unemployment Insights into QLD Queensland remains in fifth position on the economic performance rankings. Queensland is benefitting from strong export growth which will boost overall growth of Gross State Product (economic growth). Exports are growing at a 43 per cent annual rate. 6. Northern Territory Strength: Unemployment Weakness: Population Growth Insights into NT The Northern Territory remains in sixth position on the economic performance rankings. The Territory is still ranked first on construction work done and unemployment and now also top-ranked on economic growth. But on forward-looking indicators like population growth, housing finance and home starts the Territory lags other economies. 7. South Australia Strength: Business Investment Weakness: Unemployment Insights into South Australia The South Australian economy is in seventh position. South Australia is middle-ranked on business investment and fifth-ranked on dwelling starts. 8. Western Australia Strength: Retail Trade Weakness: Unemployment Insights into WA The economic performance of Western Australia continues to reflect the ending of the mining construction boom. But unemployment has eased over the last three months. Summary NSW has retained its top rankings on business investment, retail trade and dwelling starts. NSW is in second spot on unemployment, construction work and economic growth. NSW is in third spot on housing finance and unemployment. The ACT has lifted to second spot and is now top-ranked on housing finance. The Territory is second on two indicators and third on another three. Victoria is in third spot, easing in its relative position on business investment and housing finance. Victoria leads on population growth. There is little to separate other economies and there have been no changes in rankings. Tasmania holds its position in fourth spot but there is little to separate it from Queensland, Northern Territory and South Australia. Tasmania is now in second spot for unemployment. Queensland remains in fifth position on the economic performance rankings. Queensland is benefitting from strong export growth which will boost overall growth of Gross State Product (economic growth). Exports are growing at a 43 per cent annual rate. The Northern Territory remains in sixth position on the economic performance rankings. The Territory is still ranked first on construction work done and unemployment and is now also top-ranked on economic growth. But on forward-looking indicators like population growth, housing finance and home starts, the Territory lags other economies. The South Australian economy is in seventh position. South Australia is middle-ranked on business investment and fifth-ranked on dwelling starts. The economic performance of Western Australia continues to reflect the ending of the mining construction boom. But unemployment has eased over the past 3 months. The Full Report can be downloaded here - Source: https://www.commsec.com.au/stateofstates
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