Western Australia and the ACT are the equal best performing economies in Australia, just edging out Tasmania, according to ComSec’s latest State of the States report.
And New South Wales remains dead last in the rankings, behind the Northern Territory. Both economies underperformed on construction activity, with particularly poor growth in the residential sector, ComSec said.
Western Australia is the fastest growing economy, due largely to the mining boom, The ACT’s leadership is due to strong residential construction and property sales.
South Australia slipped from second to fourth in the rankings, while Queensland took fifth place, and Victoria sixth.
But ComSec added that there was little to separate the top six economies in terms of performance last quarter.