I last looked at this report a year ago in my post State of the States: a CommSec Report. As I mentioned then, the economies of each of our eight states and territories are run separately and this report delves into their performances in some depth.
These reports are released every quarter by Commsec and they are certainly worth keeping track of, especially if you are considering a move to Australia. I’ve decided it’s probably worth looking at this report once a year on this website, and what better time than at the beginning of a new financial year in July.
Commsec State of States Report July 2015
This report, which only came out a couple of days ago, looks at eight key indicators, being economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
It then ranks each state and territory for all of those indicators and for any of you still trying to decide where to move to in Australia, I think this information can be very useful.
For example, if you’re coming here looking for work, you’ll be interested in those unemployment figures. If you’re in the building trade, maybe the construction work done will be the key indicator for you.
Commsec also highlight what is good and bad about each state and territory, as well as placing all eight of them into a league table based on their performances for all the key indicators.
So, a lot to cover, let’s see if we can condense it. Here’s a rundown of each state and territory in order of their overall performance, last year’s position in brackets and a quick mention of what they’re good at and what they’re not so good at.
State of States performance table
- New South Wales (3) – top for population growth, retail spending and dwelling commencements, their lowest position was fifth for economic growth.
- Victoria (5) – strong for population growth and housing finance, weak on equipment investment.
- Northern Territory (2) – ranked top on four indicators including economic growth and low unemployment, but comes last for population growth and housing.
- Western Australia (1) – economic growth is good, but poor on population growth and higher unemployment.
- Queensland (4) – is fourth, fifth or sixth on everything, so nothing is particularly good or bad as far as I can see.
- Australian Capital Territory (6) – does best on housing finance but not good on equipment investment.
- South Australia (7) – ranked third for population growth and equipment investment but last on construction work done.
- Tasmania (8) – ranked third for low unemployment, but is seventh or eighth for five of the other key indicators.
So, Western Australia have lost a fair amount of ground over the last year, Queensland and NT have slipped a bit and the most improved states have been Victoria and New South Wales. The bottom three remain unchanged.
Commsec also suggest that New South Wales are clear leaders, there’s not much between Victoria, Northern Territory and Western Australia and then there’s a further gap to Queensland and ACT. South Australia and Tasmania represent a fourth tier of economies.
But the momentum at the moment is with Victoria in second, and with New South Wales in first place, Australia’s two biggest economies are currently leading the way.
To view Commsec’s full report, click on the following link to directly open the 8 page PDF online.