It ranks first in four of eight categories
South Australia has retained its lead as the top-performing economy among Australian states and territories, according to the latest CommSec State of the States economic performance report.
The assessment provides a detailed snapshot of each state and territory’s economy by examining eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction, population growth, housing finance, and dwelling commencements. It also measures the annual change in these indicators to gauge the economic momentum.
South Australia ranked first in four categories: economic growth, unemployment rates, construction activity, and new housing starts. Western Australia, taking second place, has edged past Victoria due to its leading positions in population growth and equipment investment.
Queensland, New South Wales, the Australian Capital Territory, and Tasmania are all tied for fourth place, while the Northern Territory remains at the bottom of the list in eighth position.
Meanwhile, Western Australia has again shown strong potential for future growth in the April 2024 CommSec report, maintaining the highest rate of economic momentum among the states, a position it has held consistently in recent assessments.
“Overall, economies have slowed in response to higher interest rates, but have generally remained resilient, underpinned by firm population growth and low unemployment,” said Craig James (pictured), chief economist at CommSec.
“Justifying South Australia’s position on top of the rankings is the fact that it ranks first on four of the eight indicators. But there are signs the economy is losing momentum as shown by its sixth ranking on the annual rate of change across the indicators.
“Western Australia remains on top of the leaderboard of the annual growth rates of the eight key economic indicators. WA has the necessary momentum to pass South Australia to attain top spot in coming quarters.”
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