As a migrant, it often is a difficult choice to decide which state to settle in.
Several factors play a role in deciding where one should settle down with a family. Economy, job prospects and affordability often rank high on the list when making this decision.
So which state in Australia has the best performing economy and the worst performing economy in the country?
According to CommSec’s latest State of the States report, NSW has come out on the top as Australia’s best performing economy in the country, with Victoria, a close second and ACT, ranking third nationwide.
Western Australia is at the bottom of the ladder with annual growth rates below the national averages for all eight indications considered by this quarterly report.
The eight indicators on which the state of the economy is measured are: economic growth, retail spending, business investment, unemployment, construction work, population growth, housing finance and dwelling starts.
Here’s a state-wise breakdown:
1. NSW - People are spending the most in NSW with solid housing activity, low unemployment and higher home prices continuing to support spending.
2. VICTORIA - Continues to lead on population growth and comes second to NSW on retail spending.
3. ACT - Housing finance and construction is driving the ACT's economy.
4=. TASMANIA - Helped by the third highest population growth.
4=. QUEENSLAND - Benefiting from strong tourism and exports rising at an annual rate of 56 per cent.
6. SOUTH AUSTRALIA - Showing promising signs with investment lifting over the past quarter.
7. NORTHERN TERRITORY - Still ranked first on construction work completions, unemployment and economic growth, but lags other economies on forward looking indicators such as population growth, housing finance and home starts.
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