Queensland’s recent population growth and job figures have seen it push past Tasmania to be named the best-performing state economy in the country.
The latest quarterly State of the States report from stockbroker CommSec, released today, has placed Queensland above all other jurisdictions for the first time in its 13-year history.
Indicators considered in the ranking include economic growth, retail spending, equipment investment, unemployment, completed construction work, housing finance and dwelling commencements.
CommSec chief economist Craig James said the diverse nature of Queensland’s economy had previously meant strength in some areas was offset by weaknesses in others, denying it the top spot.
“But Queensland is currently supported by solid mining, energy and tourism sectors as well as solid internal migration,” James said.
“When looking at annual growth rates to get a guide on economic momentum, Queensland had annual rates that exceeded the national average on five of the eight indicators.”
Based on the latest available data analysed in the report, the state also ranked second for growth in home loan value, economic growth and retail spending, but was let down by completed construction work.
Tasmania dropped to second place overall, with South Australia third, NSW and Victoria in equal fourth ahead of the ACT, followed by Western Australia and the Northern Territory.