The New South Wales and Victorian economies are the best in Australia, according to the latest CommSec State of States report, with construction work being a major factor in their success.
Victoria ranks first on economic growth, retail trade and unemployment and construction work done and NSW shares the top position on overall economic performance rankings, ranking second on six of them, including construction work done.
The report, released each quarter, analyses eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
According to the Victorian Government, the report shows its infrastructure spend has bolstered job numbers and construction levels, while delivering the infrastructure required.
Victorian Treasurer Tim Pallas said the government’s “groundbreaking” infrastructure investment is driving the economy, creating jobs and delivering the transport, hospitals and schools the state needs.
“We’ve done the hard yards building our economy and are well-placed to maintain our economic strength thanks to our pipeline of major infrastructure projects across the state.”
Behind VIC and NSW is the ACT in third, Tasmania in fourth, followed by South Australia, Queensland, Western Australia and the Northern Territory.