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NSW top again in latest State of the States Report

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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.  

2017-04-28_18-36-47.jpg.8a0cf49b3b49f50203cc995b00d69791.jpg

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.sots-nsw.png.77d9659ce37ff71e0dd8a8eb452a1f2c.png 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.

2017april-nsw.png.32f2ff20cca8c1334a03785e6688f01e.png

 

sots-act.png.3afca5e719e8e0a7cb73ed6940b34e4c.png2. 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.

2017april-act.png.13001d5d17ce16c475b5f59a00cc49b7.png

 

sots-vic.png.44f73c3680e013e955cef05985a06ec0.png3. 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.

2017april-vic.png.653a6f0968b68f6c0a9c97b93c7dc8f0.png

 

sots-tas.png.8051f54b8b9fe4256f04732203351d3a.png4. 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.

2017april-tas.png.f97a0a03c0fe75341c257d2e789ba246.png

 

sots-qld.png.4076adccb50b377f65deb2450400133e.png5. 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.

2017april-qld.png.a6d3f29935b901e0766bf0f8a5eb1ea3.png

 

sots-nt.png.76579f01610199aa49db76b68f4e5c92.png6. 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.

2017april-nt.png.33252a432dd7fdf5b0b674974302f896.png

 

sots-sa.png.076b2285823560de91d6a20a0df892fb.png7. 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.

2017april-sa.png.36b5472b28e59df2df84d080a26c27c2.png

 

sots-wa.png.0111565f04fca1247cf97d4af7dae881.png8. 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.

2017april-wa.png.3cb4f00da218ac3db321892cb3b2359c.png

 

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 - pdf-download-icon.png.12d5775df7a10aa568c27e8e06220f19.png

 

Source: https://www.commsec.com.au/stateofstates

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