Largest state’s financial system ranked nation’s best | Enterprise & Market Information
Australia’s largest state has held off a fast-finishing Queensland to stay the nation’s best-performing financial system within the latest CommSec State of the States report.
Now in its sixteenth yr, the quarterly report tracks eight key financial indicators and compares the latest information with decade averages to rank Australia’s six states and two territories.
WA topped 5 of the eight financial indicators to guide the national efficiency rankings within the September 2024 report for the second quarter in a row – and solely the second time in a decade.
Whereas economies had slowed in response to increased rates of interest and inflation, CommSec chief economist Ryan Felsman mentioned states and territories had proved resilient as a result of a robust job market and stable population growth.
“As consumers respond to higher borrowing costs and price pressures, the future path will depend on whether the job market can hold up as well as the trajectory of interest rates over the coming months,” he mentioned.
“As expected, the interest rate-sensitive south-eastern states and territories remained in a tight cluster mid-table.”
Queensland moved up from third to hitch South Australia in second spot, Victoria remained in fourth place and Tasmania was regular in fifth.
NSW leapfrogged the ACT from seventh to sixth, with the Northern Territory remaining eighth.
WA’s prime performances throughout retail spending, unemployment, population growth, housing finance and dwelling begins helped it retain its main place.
SA led the nation on actual financial growth, Victoria was strongest for construction work, and the NT ranked first for tools investment.
Perth had the very best inflation charge (3.8 per cent) within the September 2024 quarter and Tasmania had the quickest wage growth (4.0 per cent).
Nationwide home costs rose by 4.9 per cent, with WA recording the largest annual rise – 19.1 per cent.
The report additionally in contrast the annual growth charges of the eight main indicators.
Sources-focused Queensland and WA had the strongest annual financial momentum, with little separating them as Queensland ranked first or second for 5 indicators.
The most important mover was Victoria, which jumped from seventh to 3rd in a signal the state’s underlying financial exercise was bettering.
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