South­ern states soar to eco­nomic highs

Townsville Bulletin - - NEWS -

A BOOM­ING hous­ing mar­ket and pop­u­la­tion growth have pushed NSW and Vic­to­ria into the top two spots for eco­nomic per­for­mance in the coun­try.

NSW, the most pop­u­lated state, took out the ti­tle for a fourth con­sec­u­tive quar­ter, ac­cord­ing to Com­mSec’s quar­terly State of the States re­port.

But Vic­to­ria has now taken sec­ond place as mo­men­tum builds through sim­i­lar chan­nels, leap­ing both North­ern Ter­ri­tory and Western Aus­tralia.

Com­mSec ranks the states and ter­ri­to­ries on eight key mea­sures, in­clud­ing eco­nomic growth, un­em­ploy­ment, re­tail spend­ing, hous­ing fi­nance and pop­u­la­tion growth.

Com­mSec chief economist Craig James said the gap be­tween NSW and the rest of the pack had widened in the latest quar­ter.

“There is no doubt that NSW is the premier eco­nomic state at present,” Mr James said. “This is high­lighted by an in­di­ca­tor that we haven’t pre­vi­ously in­cluded in the State of States re­port – mo­tor ve­hi­cle regis­tra­tions.”

Western Aus­tralia is the fourth ranked state, af­ter hold­ing the crown for four years, as iron ore prices tum­ble and the min­ing con­struc­tion boom fades.

“Queens­land barely holds on to fifth spot from the ACT. They ef­fec­tively con­sti­tute a third tier of economies,” he said.

South Aus­tralia is sev­enth fol­lowed by Tas­ma­nia at the bot­tom, where un­em­ploy­ment hit an eight- month high in June.

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