Queensland tops the country’s economic scorecard for the first time
Queensland’s recent population growth and employment figures have seen it overtake Tasmania to be named the country’s best-performing state economy.
The last quarter state of states Stockbroker CommSec’s report, released today, put Queensland ahead of all other jurisdictions for the first time in its 13-year history.
Home equity values, economic growth and retail spending also helped Queensland deliver results, but the state was disappointed by the level of completed construction.Credit:Attila Csaszar
Indicators considered in the ranking include economic growth, retail spending, equipment investment, unemployment, completed construction, housing finance and housing starts.
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 provide a guide to economic dynamism, Queensland had annual rates that were above the national average on five of the eight indicators.”
Based on the latest available data analyzed in the report, the state also ranked second for home loan value growth, economic growth, and retail spending growth, but was disappointed by the completed construction work.
Tasmania fell to second overall, with South Australia in third, NSW and Victoria in the same fourth ahead of the ACT, followed by Western Australia and the Northern Territory.
https://www.smh.com.au/national/queensland/queensland-tops-nation-s-economic-scorecard-for-the-first-time-20230121-p5cef7.html?ref=rss&utm_medium=rss&utm_source=rss_national Queensland tops the country’s economic scorecard for the first time
