South Australia has been named the nation’s top performing economy for the third quarter in a row, ranking first in construction work done and dwelling starts
High construction activity has seen South Australia be named Australia’s top performing economy for the third quarter in a row, according to CommSec’s quarterly State of the States report.
The State of the States report assesses the performance of state and territory economies compared with the averages of the past decade or ‘normal’. For each economy, the latest level of the indicator—such as retail spending or economic growth—is compared with the decade average.
South Australia was the most consistent performer, taking out the top spot on three of the report’s eight key economic indicators – relative unemployment, construction work done and dwelling starts.
“As the nation’s construction sector slows due to rising interest rates and labour and material shortages, South Australia has held up, supporting our labour market,” South Australian treasurer Stephen Mullighan says.
Although South Australia has been named the top performing state, the report says its economy has lost momentum in recent months due to weaker consumer and business spending.
Western Australia was rated as the second-best performing economy, leading key indicators of relative population growth and home lending.
The report states Western Australia has the strongest annual economic momentum and is expected to challenge for top spot in the next survey.
Victoria remains was named in third place with the ACT in fourth position. The previously equal fourth-placed states – Queensland (now fifth), Tasmania (now sixth) and NSW (now seventh) – all dropped down the leaderboard. The Northern Territory remains in eighth spot.
- Subscribe to our free weekly newsletter to receive the latest news in the earthmoving industry
- Never miss a great deal and subscribe to our monthly magazine
- Download a free copy of our latest digital magazine to catch up on the biggest news and developments in the earthmoving industry