The economic performance race has tightened, according to the latest CommSec State of the States Report. Tasmania continues to lead, cementing its place as the best performing economy. While ACT has held on to the second spot, there is now little to separate South Australia, Victoria, Queensland, NSW and WA. The State of the States report uses the latest data to provide an economic snapshot of how Australia’s state and territory economies are performing. Tasmania has topped the rankings for the fourth consecutive quarter and leads on four of the eight indicators assessed. The ACT economy remains in second position, continuing its best performance in the economic rankings in three years.
SA is now in equal third spot with Victoria. The joint third ranking for SA is its highest position in over a decade while the equal sixth ranking for NSW is its lowest position in eight years, closely following Queensland in the fifth spot. The Northern Territory continues to lag the other states in the economic performance rankings.