Queensland’s economy is now the best-performing in the country

Strong interstate migration and job growth have lifted Queensland to its first top ranking on CommSec’s quarterly State of the States economic report.

New South Wales and Victoria were ranked equal fourth across the report’s eight key indicators, while Tasmania moved from first to second overall, with South Australia ranking third on the back of strong construction growth.

CommSec chief economist Craig James said strong job and commodity markets, in a time of rising interest rates, had supported the economic performance of all states and territories.

“In terms of future economic performance for all state and territory economies, much will depend on the performance of housing and job markets at a time of higher interest rates,” Mr James said.

“We’ve been doing the state of the states surveys for 13 years and for the first time in those 13 years Queensland has come up number one.”

The report uses the latest available information to provide an economic snapshot of each region by comparing annual growth rates for eight key indicators:

· Economic growth

· Retail spending

· Equipment investment

· Unemployment

· Construction

· Population growth

· Housing Finance

· Dwelling commencements

·

“In terms of five out of the eight indicators, Queensland is either number one or number two, so it’s a very consistent performance,” Mr James said.

(Blog Extract Thanks- CFMG)

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