Australia Tasmania tops the states for economic performance, while NSW slides to its lowest rank in eight years: CommSec
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The latest CommSec State of the States report reveals Tasmania has the best-performing economy in Australia, with retail consumption and population growth pushing it ahead of Australia’s other states.
The top five included the Australian Capital Territory in second place, followed by South Australia in a tie with Victoria, and then Queensland.
“, Tasmania holds the mantle of the best performing economy. But notably there has been compression in the rankings with little to separate five of the other seven economies,” the report says.
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Temperatures in Australia's south east are set to surge over the long weekend with residents in several states and territories warned of severe heatwave conditions. A mass of hot air from central Australia will sweep down between now and Australia Day, driving temperatures into high-30s to mid-40s for large parts of eastern Australia on consecutive days.In some areas, maximum temperatures will soar more than 10C above average. © Getty Temperatures in Victoria, NSW, South Australia and the ACT are forecast to surge over the weekend.
Retail spending in Tasmania was 23% above decade-average levels in the September quarter.
The report says this strong increase was due to, government cash handouts and that “supported incomes”.
Tasmania also remains strongest on relative population growth, with its 1.12% annual population growth rate 86.4% above the decade-average rate.
CommSec’s ranking of the best-performing states
- Australian Capital Territory
- South Australia and Victoria
- New South Wales and Western Australia
- Northern Territory
The Australian Capital Territory and South Australia performed well compared to previous years, with the ACT maintaining its highest ranking since April 2017, and SA achieving its highest place in just over a decade.
Tasmania drops Brisbane COVID restrictions
Tasmania has removed border restrictions for the Greater Brisbane region and much of Sydney, with the premier thanking those in quarantine for their patience. The Greater Brisbane region will shift from medium risk to low risk from 12.01am on Friday, Premier Peter Gutwein announced on Thursday. It means travel between Queensland and Tasmania can occur without restrictions."Queenslanders entering the state will no longer need to quarantine," Mr Gutwein said.
Meanwhile, New South Wales, which shares its rank with Western Australia, sits at its lowest position in eight years.
When it comes to unemployment, the Australian Capital Territory has the strongest job market. Despite the COVID-19 shock, unemployment in the ACT stands at 3.7%, which is 7.0% below the decade average.
The next best is South Australia, with its 6.4% jobless rate being just 1.0% above the decade average.
While Victoria ranks third place overall, it leads on relative economic growth.
Economic activity in Victoria in the year to September was 23% above its decade-average level of output.
Despite performing well in economic growth, Victoria ranked eighth for retail trade.
“Victoria recorded the weakest result, with retail spending up 1.4% on the decade average, below Northern Territory with 4.9% growth,” the report says.
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Queensland FINALLY opens the border to Sydney .
Queensland has finally opened the border to Sydney and surrounding areas after locking it out for six weeks.The border will open from February 1, Queensland Premier Annastacia Palaszczuk announced on Thursday morning.