The CommSec reports demonstrated that while the rest of the country is still struggling to get back to normal, the Tasmanian economy has shown consistent improvement, being the top-ranking economy for the second quarter in a row.
The CommSec State of the States report identifies 8 key indicators which it uses to rank the economic performance of each State:
- Dwelling commencements
- Population growth
- Economic growth
- Equipment investment
- Housing finance
- Retail spending
- Construction work
Tasmania leads on five of the eight indicators, with a particular strength being their population growth. However, Tasmania is struggling with unemployment rates.
The ACT is ranked second primarily due to its low unemployment rates. However, the state lacks population growth.
The state has experienced a lot of difficulties responding to COVID, which caused dropping rank from second to third compared to the previous report. However, the state continues to rank first in economic growth.
New South Wales
NSW has ranked fourth overall, performing well in construction work but performing poorly in unemployment.
SA shares the fourth rank with NSW, struggling with relative economic growth. However, the State ranks second in population growth, which appears to be a strength.
QLD ranks sixth overall, performing well in retail trade but struggling with overall economic growth.
WA shares the sixth rank with QLD. While the state is performing relatively well in economic growth, it falls short in the construction work indicator.
NT is ranked the lowest compared to other states. While it ranks second in unemployment rates, it performs poorly in all other areas.