Incoming Queensland Premier David Crisafulli will inherit a state on the rise with Queensland improving in the latest State of the States report.
While Western Australia claimed top spot, Queensland leapt from fifth to third in the CommSec report for October.
Chief CommSec Economist Ryan Felsman said WA was well positioned for sustained future performance.
“However, the competition remains intense, particularly among the top three states with Queensland moving quickly up the rankings,” Mr Felsman said.
He said the State of the States report determined which state or territory economy was performing best, by tracking eight key economic indicators, with the western state on top for the first time since July, 2014.
Mr Felsman said Western Australia led in three of the report’s eight indicators: retail spending, relative unemployment and relative population growth.
“South Australia, the previous leader, dropped to second position after topping the last three surveys, while Queensland made a significant leap from fifth to third spot.
“Victoria, once a podium contender, slipped to fourth place, and Tasmania climbed to fifth from sixth spot.”
He said the ACT moved down to sixth from fourth place, followed by NSW, which retained its position in seventh spot. The Northern Territory rounded out the rankings in eighth.
“The strength of Australia’s state and territory economies continues to be driven by a resilient job market and solid population growth, underpinning economy-wide demand.
“However, an extended period of elevated interest rates to counter persistent inflation is pressuring consumers and slowing economic momentum.”
Mr Felsman said the path forward would largely depend on the ongoing strength of the labour market, trajectory for monetary policy and China’s economic recovery.
He said the statistics showed Queensland was now in top spot for home lending, helping to secure second spot in the annual growth stakes.
DOWNLOAD: State of the States October 2024
