The Courier-Mail

South­ern states head­ing north


ECO­NOMIC growth has dipped across most of Aus­tralia, with Vic­to­ria and NSW the only states pow­er­ing ahead, new re­search sug­gests.

ANZ econ­o­mists said growth in Queens­land, Western Aus­tralia, Tas­ma­nia, South Aus­tralia, the ACT and North­ern Ter­ri­tory was be­low av­er­age dur­ing the year to June. NSW was the strong­est per­former fol­lowed by

Vic­to­ria, with eco­nomic ac­tiv­ity in those two states grow­ing faster than their long-term av­er­age rates.

ANZ co-head of Aus­tralian eco­nom­ics Cherelle Mur­phy said the two states were ben­e­fit­ing from hous­ing booms and im­prove­ments in busi­ness and jobs mar­ket con­di­tions.

“Given the im­prove­ment in ac­tiv­ity for NSW and Vic­to­ria, which to­gether ac­count for more than half of Aus­tralia’s GDP, we ex­pect an on­go­ing, although slow eco­nomic re­cov­ery for Aus­tralia,” she said.

The find­ings were part of ANZ’s inau­gu­ral Sta­teome­ter, which mea­sures the eco­nomic per­for­mance of the na­tion’s states and ter­ri­to­ries.

It found that the end of the min­ing boom and weak­ness in the in­dus­trial sec­tor were weigh­ing on Western Aus­tralia and South Aus­tralia.

ANZ ex­pected ac­tiv­ity would pick up in Tas­ma­nia and Queens­land, thanks to ben­e­fits flow­ing from the hous­ing sec­tor and fall­ing Aus­tralian dol­lar.

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