One state tops retail spending in Australia: CommSec report

The state with the best retail spenders in the country has been revealed in a new report and the results may surprise you.

Victorians have claimed the top spot as Australia’s best retail spenders, according to CommSec. Picture: NCA NewsWire/ David Crosling

Victorians have retained the top spot as Australia’s best retail spenders, according to a key industry report.

The CommSec State of the States report analyses eight key indicators, economic growth and retail spending, to get a snapshot of how the country is fairing each quarter.

Victoria topped the list again on retail spending, recording 17.7 per cent more in the September quarter from its decade-average levels.

The report credited a solid job market, rising wages, strong construction and renovation activity supported retail spending over the past quarter.

Victorians have claimed the top spot as Australia’s best retail spenders, according to CommSec. NCA NewsWire / David Crosling

Spending has lifted despite weak consumer sentiment, cost of living pressures and higher interest rates, according to CommSec.

Queensland remains in second place with spending 16.4 per cent above its “normal” levels or the decade average.

Meanwhile, the sunshine state for the first time in the report’s 13-year history has come out on top of the quarterly surveys – a ranking of economic performance.

“The diversification of its economy has traditionally prevented Queensland from taking top spot in the economic rankings,” CommSec chief economist Craig James said.

“That is, strength in some sections of the economy had been offset by weaknesses in others,” Mr James said.

The CommSec State of the States report analysis key indicators like housing to determine its ranking. Picture: NCA NewsWire / Kelly Barnes

“But Queensland is currently supported by solid mining, energy and tourism sectors as well as solid internal migration.

“Queensland has a strong report card, ranking first on relative population growth and relative unemployment, and is second ranked on three of the other eight economic indicators.

“When looking at annual growth rates to get a guide on economic momentum, Queensland had annual rates that exceeded the national average on five of the eight indicators.

“In terms of future economic performance for all state and territory economies, much will depend on the performance of housing and job markets at a time of higher interest rates.”

Tasmania dropped to second place, while South Australia has lifted from fifth to third with the lowest jobless rate on record.