Western Australia remains in the fast lane
Western Australia has once again come out on top as the country’s best performing state when it comes to economic activity, according to the latest CommSec State of the States report.
The report highlights the widening gap between WA and the eastern and southern states.
“Arguably the size of the gap between Western Australia and Tasmania can’t get any greater,” said Craig James, chief economist at CommSec, who expects even more marked divergence among Australia’s regions in the future.
The quarterly State of the States report measures each state on eight separate economic factors, and averages out performance among each.
Second to WA on the economic leader-board is the NT, whose massive growth is underpinned by a single $34 billion natural gas project. However, WA, whose economy has grown by 13 per cent in a year, is performing better across a range of measures including population growth, investment, construction activity and retail spending.
In particular, WA is the clear leader when it comes to population growth.
“Not only is the annual growth rate of 3.45 per cent the strongest in the nation, it is also more than 48 per cent above the decade average,” said James.
Home prices increased in all states except in Hobart, with the strongest growth being in Darwin, up by 7.3% and in Perth, up by 5.8%.