Surging NSW ensconced as number one state, WA slips
Published in the Sydney Morning Herald 20 April 2015 by Matt Wade
NSW has tightened its grip on number one spot in the nation’s economic rankings.
Robust population growth, healthy consumer spending and a surge of housing construction have helped make NSW the nation’s best-performing state economy for a third consecutive quarter, a report by Australia’s biggest bank said.
The State of the States report collated by Commonwealth Bank’s stockbroking arm, CommSec, showed NSW rose to the top in October last year at the expense of minerals-rich Western Australia. WA, which outshone other states during much of the mining boom, has now slipped to third behind NSW and Northern Territory. Victoria is the fourth-ranked economy but is closing fast on Western Australia. Tasmania was at the bottom of the economic performance table.
The CommSec report assesses each state according to economic growth, retail spending, equipment investment, unemployment, construction work, population growth, housing finance and dwelling commencements. The latest level of each indicator is compared with the state’s decade average.
It said NSW gained the top ranking for population growth, retail trade and housing starts. NSW was placed second on business investment, and housing finance. It was fourth for overall construction work and unemployment and fifth on economic growth.