NSW is Australia’s strongest economy

CommSec has released its latest State of States Report, which names NSW as Australia’s top performing economy. The quarterly report analyses eight key economic factors in each state: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.

NSW has the strongest scores on population growth, retail trade, dwelling commencements and unemployment. However, Victoria is closing the gap between the two by topping the categories of retail spending, population growth, dwelling starts and unemployment figures. Analysts at CommSec suggested that Victoria could surpass NSW for the top spot in the next nine months if it manages to continue the upward trend.

The Report revealed that there isn’t much difference between NSW and Queensland, the fifth rated economy. Analysts suggest that the poor performances of Southern Australia and Queensland will be boosted throughout the year by tourism excited by the falling dollar and the submarine deal respectively.

The State of States rankings are as follows:

1. New South Wales
2. Victoria
3. Australian Capital Territory
4. Northern Territory
5. Queensland
6. Western Australia
7. Tasmania and South Australia (equal)