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VIC takes over NSW as top performing economy

Strong population growth, underpinning a lift in construction activity and infrastructure, has resulted in Victoria climbing to the top spot for economic performance, according to the latest CommSec State of the States report.

Strong population growth, underpinning a lift in construction activity and infrastructure, has resulted in Victoria climbing to the top spot for economic performance, according to the latest CommSec State of the States report.Strong population growth, underpinning a lift in construction activity and infrastructure, has resulted in Victoria climbing to the top spot for economic performance, according to the latest CommSec State of the States report.

Victoria has knocked New South Wales off the top spot for first time since 2014.

CommSec assesses the performance of each state and territory on a quarterly basis using eight key indicators.

Those indicators include:

  • economic growth;
  • retail spending;
  • business investment;
  • unemployment;
  • construction work;
  • population growth;
  • housing finance; and
  • dwelling commencements.

Just as the Reserve Bank uses long-term averages to determine the level of “normal” interest rates, CommSec compares the key indicators to decade averages; that is, against the “normal” performance.

In the latest report, Victoria ranked first for three of the eight economic indicators (construction work, economic growth and dwelling starts), taking top spot in the performance rankings for the first time since CommSec introduced the report in October 2009.

NSW maintained its top rankings for retail spending and the relative performance on unemployment, coming in second overall, while ACT maintained third place, continuing to lead the nation for home loans. Tasmania was strongest on relative population growth.


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