New South Wales ahead of Victoria as Australia’s strongest economy

Once again New South Wales has been awarded top spot as Australia’s strongest economy in the first quarter of 2018, claims Commonwealth Securities (Comsec).

According to a new report released by the stockbroking firm, the state overtook Victoria for another consecutive year.

“New South Wales has retained the position as the best performing economy, at or near the top of most indicators,” stated Commsec.

“It secured top rankings on the same five economic indicators as last quarter: retail trade, dwelling starts, equipment investment, construction work and unemployment.”

New South Wales reportedly ranked top in five out of the eight economic indicators, securing it the top spot, with Victoria coming in second due to high population growth increasing housing demand.

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“High population growth and improvement in the job market have strengthened Victoria’s position,” commented Craig James, Commsec’s Chief Economist.

Victoria also placed second for five out of the eight indictators, and third for the remaining three.

The indicators were economic growth, retail spending, business investment, unemployment, construction work, population growth, housing finance, and dwelling commencements.

Coming in third was the Australian Capital Territory, followed by Tasmania, South Australia, and Queensland.

The Northern Territory was ranked seventh, with Western Australia placing last.