Tasmania remains Australia's best performing state, a position it has held for nearly two years and one it doesn't look like giving up in a hurry.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
In Commonwealth Securities' quarterly State of States report, chief economist Craig James says there is little to separate other states and territories.
"Overall, Australia's state and territory economies are in strong shape, well supported by significant fiscal and monetary stimulus," Mr James said.
"Unemployment rates are historically low across much of the nation - remarkable when you consider the COVID-19 challenges and when the broader Australian economy was in recession just over a year ago."
Each quarter CommSec assesses states and territory economies on eight key indicators - economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
Tasmania leads the pack for a seventh consecutive quarter, and Mr James said the island state's dominance is unlikely to be toppled until mid-2022 at the earliest.
"Much will depend on vaccination rates, and reopening of state and foreign borders," he said.
Tasmania leads on four of the eight indicators - construction, retail spending, unemployment and dwelling starts - and ranks second on another three indicators - equipment investment, economic and population growth.
The ACT is second overall, leading on equipment investment and second on retail spending, while Western Australia and NSW are equal third.
WA ranked first on relative economic growth and second on relative unemployment, while NSW was first in terms of housing finance and third on dwelling starts.
South Australia - joint fifth with Victoria - ranked second on both dwelling starts and construction work done. Victoria was second on housing finance and third on construction work done.
Queensland is seventh, ranking third on population growth, unemployment and retail spending.
Northern Territory is eighth, ranking second on population growth.
Looking ahead, Mr James expects Queensland will be a key beneficiary of the opening of borders with interstate and overseas tourism driving spending and employment.
"Queensland and Northern Territory will be supported by population growth and higher commodity prices," he said.
Australian Associated Press
