Queensland has the best-performing economy in the country, rising above other states on the back of a migration boom and strong demand for its energy resources.
The Sunshine State reached top position in CommSec’s latest State of the States report, which gauges the economic momentum of each state and territory.
It was the first time in the quarterly report’s 13-year history that Queensland topped the rankings, pushing Tasmania into second place.
CommSec chief economist Craig James said the state had traditionally been held back by weaknesses in some parts of its economy while other sectors thrived.
“But Queensland is currently supported by solid mining, energy and tourism sectors as well as solid internal migration,” he said.
The state’s population has swelled since the start of the COVID-19 pandemic as residents from cities like Sydney and Melbourne head north in search of cheaper properties and a lifestyle change.
South Australia ranked third behind Tasmania, ahead of NSW and Victoria tied in fourth.
Queensland ranked first on relative population growth and relative unemployment, while Tasmania was best-placed for equipment investment.
South Australia scored first for construction work and dwelling starts, while Western Australia topped the rankings for relative economic growth.
Mr James said the future economic performance of all states and territories would be heavily dependent on the housing and job markets at a time of higher interest rates.
The report weighs the recent performance of states and territories across eight key indicators against what is considered normal for each region.
It does not directly compare figures such as unemployment rates or economic growth for each state.
STATE OF THE STATES RANKINGS
Queensland: 1st, up from 2nd
Tasmania: 2nd, down from 1st
South Australia: 3rd, up from 5th
Victoria: Equal 4th, up from 6th
NSW: Equal 4th, up from 7th
ACT: 6th, down from 3rd
Western Australia: 7th, down from 4th
Northern Territory: 8th, unchanged
* All changes compared to previous CommSec quarterly report
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