ECONOMIC GROWTH SURGES IN NSW

ECONOMIC GROWTH SURGES IN NSW

NSW is leading Australia in economic growth, says the latest Commsec State of the States report.

The state recorded a 13.5 per cent improvement in the March quarter, compared to the decade average. Victoria was second with, 12.4 per cent, followed by ACT (11 per cent).

Meanwhile, Queensland has dropped to second last at 4.4 per cent, only ahead of Tasmania (4.3), as the state navigates the transition from the mining boom it enjoyed for around 15 years.

The State of the States report analyses eight indicators: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.

For each of the states and territories, Commsec compares the latest reading of the key indicators with its decade averages.

NSW is leads the way on retail spending, equipment investment and dwelling starts, second behind Victoria in population growth.

The Northern Territory leads in construction work, as the state was 42.8 per cent above its decade average in March.

House building is surging in New South Wales, with the state around 77 per cent above its decade average.

You can read the full report here

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