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Both NSW and VIC ranked as the best performing economy in Australia
Lois Lee | 승인 2019.05.02 10:35

NSW and VIC are the two best performing economy in Australia, according to the new CommSec State of States report. 

The two states have been ranked number one in the overall economic performance rankings due to strong population growth and job markets, driving retail spending and business investment. 

However, CommSec chief economist Craig James said the continued depreciation of the housing markets in Sydney and Melbourne may have effect in future figures. 

“It is very, very clear New South Wales and Victoria are the best performing economies,” Mr James said. “Strong job markets provide support for local economies but housing markets will continue to soften in the period ahead.”

Victoria’s key area of strength was in the job market, and its weakness was in equipment investment. It was ranked first on economic growth, retail trade, job market and construction work done. 

New South Wales’ strength was retail trade, and its weakness was housing finance. It was also ranked second on all but one of the eight indicators considered in the report. 

The report also saw a huge improvement in Tasmania’s economy, as it now shared the third place with ACT. 

ACT was placed third with strengths in the housing finance sector, including building and purchasing of homes. Low unemployment was also a strength to ACT’s economy, as it drove strong retail spending. 

Tasmania was also equally placed in the third spot with strengths in population growth, driving new home purchases and business investment. It was ranked first on relative population growth and business investment. However, Tasmania saw a weakness in the job market. 

South Australia followed at fifth place, with strength in equipment spending but weakness in population growth. 

Queensland was placed sixth on the performance rankings. It’s key area of strengths was in relative economic growth and dwelling starts. However, like Tasmania, its weakness was in the limitations of the job market. 

Western Australia and the Northern Territory were placed seventh and eighth respectively. 

Lois Lee  edit@hanhodaily.com

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