Western Australia has once again emerged as the leading state in Australia’s economic performance, according to the latest CommSec State of the States report.
For the second consecutive quarter, the state outperformed others by ranking first on five of the eight key economic indicators.
This marks a significant trend, as Western Australia demonstrates robust economic resilience and growth.
In a notable shift, Queensland has risen to share the second spot with South Australia, climbing from its previous third-place position. This rise is attributed to strong performances across all measured indicators, reflecting the state’s growing economic strength and potential.
Queensland’s advancement places it just behind Western Australia, indicating a tight race at the top of the economic leaderboard.
The report also highlighted the rankings of other states and territories:
Chief CommSec economist Ryan Felsman (pictured above) commented on the overall economic landscape.
“Overall, economies have slowed in response to higher interest rates and inflation, however Australian states and territories are proving resilient due to a strong job market and solid population growth,” Felsman said.
He highlighted Western Australia’s success in areas like retail spending, unemployment, and housing finance, which have significantly contributed to its top ranking.
Felsman also pointed out the competitive nature of the rankings, especially with Queensland’s rise.
“Queensland however is nipping at WA’s heels, having shot up to equal second place alongside South Australia, with solid results across the eight economic indicators and strong economic momentum,” he said.
The CommSec State of the States report, now in its 16th year, evaluates the economic performance of Australian states and territories by comparing current data against decade averages. This method allows for an assessment of what is considered “normal” performance across various economic indicators.
