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January, 2024

South Australia tops economic performance, while NSW and Vic tie for second says CommSec

By: admin

In a historic first, South Australia has been named the top economic performer in CommSec’s quarterly State of the States report. This marks the first time South Australia has claimed the top spot in the report’s 15-year history. The state outperformed on four of the report’s eight key economic indicators – real economic growth, unemployment, construction work and dwelling starts.

“The economic performance of Australia’s states and territories is being supported by a solid job market and strong population growth however the economies have slowed in response to rising interest rates, higher borrowing costs and price pressures,” said CommSec Chief Economist Craig James.

South Australia’s population growth has tripled over the past two years, contributing to a robust housing market and overall economic activity. “For the first time in the history of our reports, South Australia has taken the lead. Population growth in South Australia has tripled over the past two years, which is showing up in a strong housing market and overall economic activity,” James explained.

However, the state’s top position may be under threat. “However, South Australia can’t rest easily. It is likely the state will face challenges from NSW and Victoria in the period ahead,” James cautioned.

The report also highlighted strong economic momentum in Western Australia, with Queensland, Victoria, NSW and South Australia not far behind. “We have also looked at annual changes in economic indicators as a useful measure of economic momentum and the report shows strong economic momentum by Western Australia, with Queensland, Victoria, NSW and South Australia not far behind,” James added.