NSW is once again the first ranked state in CommSec’s latest State of the States report, retaining its position as the best-performing economy in the nation for the 12th consecutive quarter.
NSW outstripped the rest of the country in dwelling starts and retail trade and ranked near the top on each of the other six indicators, including economic growth, unemployment and housing finance.
The CommSec report tracks eight key economic indicators on a quarterly basis measured against decade averages to determine each state and territory’s economic performance.
Treasurer Dominic Perrottet said the report showed NSW continues to reap the benefits of the Government’s sound financial management, and its massive once-in-a-generation program to build new productive infrastructure.
“This report shows that on every single measure, NSW is one of the strongest performers in the country, and our overall economic performance is streets ahead.”
“That means whether you’re a job-seeker, a small business owner, an investor, or an ordinary family, NSW is the opportunity state.”
The report showed:
• Dwelling starts in NSW were more than 62 per cent above decade averages, far ahead of the next best performer, ACT, at 21.4 per cent.
• When compared to the other states only, NSW also ranked the highest for economic growth and had the lowest unemployment.
• Retail spending in NSW was more than 16 per cent above decade-average levels supported by solid activity in the housing sector, low unemployment and higher house prices, the report stated.
The CommSec report follows recent data showing business conditions in NSW led the nation while the NSW unemployment rate remains the lowest of all the states.