Queensland has been rated the joint worst performing state in the latest economic report card.
CommSec’s State of the States reports the Sunshine State is now in equal 6th place with Western Australia.
That’s despite us coming in second for retail spending, just behind Tasmania. We’re also third in relative population growth.
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The report regularly analyses eight key indicators, including economic growth; retail spending; equipment investment; unemployment; construction work done; population growth; housing finance and dwelling commencements.
“Just as the Reserve Bank uses long-term averages to determine the level of “normal” interest rates; we have done the same with the economic indicators. For each state and territory, latest readings for the key indicators were compared with decade averages – that is, against the “normal” performance,” the report introduction reads.
“Now in its 12th year, the State of the States report also includes a section comparing annual growth rates for the eight key indicators across the states and territories as well as Australia as a whole. This enables another point of comparison – in terms of economic momentum.”
Where Queensland lost out was in economic growth, we’re we came in seventh position. We also ranked poorly in equipment investment, construction work, dwelling starts and unemployment.
New South Wales ranked last in unemployment, with its highest jobless rate since May 1998.
Despite Queensland’s ranking in sixth position, CommSec’s Chief Economist Craig James says there’s little to separate NSW, South Australia, Qld and WA in the economic rankings.
NSW and South Australia are in joint fourth position.
Tasmania was the best performer, ranking first in relative population growth, equipment investment, retail trade, housing finance and dwelling starts.
To view the full report, click here.