Western Australia remains the top performer but the fortunes of all the states and territories are expected to improve, following the election of a new federal government.
Commonwealth Securities’ quarterly State of States report says there’s been no slippage in WA’s number one ranking and the ACT continues to hold the second spot.
But there is now little separating the Northern Territory, Queensland, NSW and Victoria, before a gap to South Australia and a further gap to Tasmania, which lags on all economic criteria.
Each quarter CommSec uses eight key indicators to rank the states and territories – economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
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Tasmania remains locked at the bottom of the economic performance table, lagging all other economies on all of the eight indicators.
However, Mr James said firm wages growth and improved housing affordability on the island state is being reflected in a lift in retail spending.
“If this leads to increased employment then there will be potential for stronger economic momentum in coming months,” he said.
Read more: http://www.smh.com.au/business/the-economy/western-australia-the-top-performing-state-report-20131021-2vvg6.html#ixzz2iIIZ3uwV
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