Back on top: Tasmania leading the nation in State of the States economic report
Tasmania has reclaimed its crown as top economic performing state in the country, according to the latest CommSec State of the States report.
Tasmania
Don't miss out on the headlines from Tasmania. Followed categories will be added to My News.
Tasmania has reclaimed its crown as top economic performing state in the country, according to the latest CommSec State of the States report.
Three months ago, the quarterly ranking of economic performance announced Tasmania had slipped to second place, noting the state had the highest levels of inflation and had fallen behind Queensland in terms of retail spending and its jobless rate.
But the state has returned to the top – the 11th time in three years that Tasmania has led the nation as best performing economy.
Queensland and South Australia came in close behind in equal second place.
CommSec chief economist Craig James said Tasmania led the other states and territories on three of eight indicators – with a strong job market, high numbers of new dwelling builds, and equipment investment.
He said the state came second or third place on housing finance, economic growth and construction work.
“Looking ahead, sectors like construction, education and consumer spending are likely to be supported by high rates of inbound migration,” Mr James said.
“We anticipate ongoing growth in the Tasmania, Queensland and South Australia economies in the next six months and that these states will remain at the top of the leaderboard.”
In the current quarter, Mr James said NSW had come in fourth place, Victoria and Western Australia in equal fifth, ACT in seventh place and the Northern Territory remained in eighth position.
The report found unemployment in Tasmania was 3.8 per cent in March, which was 37.7 per cent below the decade average.
Job growth in the state is up 4.1 per cent.
Tasmania’s dwelling starts, which the report said were driven in part by increased population, were 17.8 per cent above the decade average.
Tasmania is currently in fifth place for retail spending and came in second place for the highest drop in house prices.
While NSW recorded the biggest fall in house prices over the past year, with a drop of 11.3 per cent, Tasmania came in just behind with a drop of 9 per cent.
Originally published as Back on top: Tasmania leading the nation in State of the States economic report
It’s not the first time Ferguson’s fallen
Michael Ferguson’s first speech in Tasmania’s parliament drew upon an ancient motto – dulcius ex asperis — meaning “life is sweeter after difficulty”. Why that was important then, and now.
Party in the Paddock announces huge line-up
As other music festivals across the state pull the plug, Tasmania’s largest music and camping festival, Party in the Paddock, is returning in 2025 with a bang. CHECK OUT THE LINE-UP
Liberals move quickly to elect new deputy Premier
There was only one candidate to replace the under-fire Michael Ferguson after he resigned from his portfolios. Here’s Tasmania’s new deputy Premier.
‘So no one else loses a son’: Mother’s grief fuels campaign for change
It’s been more than four and a half years since Faith Tkalac lost her son, Jari Wise. Now she’s using her grief to help young people recognise the signs of domestic abuse in a new campaign.
Royal Hobart Hospital cleaners ‘floored’ by staff move
Lack of hospital linen and staffing shortages are common complaints among Royal Hobart Hospital’s cleaning staff. But management’s latest move has left staff feeling “floored”.
Serial violent offender beats up dad’s neighbour with chair leg
He previously punched a supermarket worker in the face and hit his father in the back with a chair. Now, a man is in trouble again for his latest alcohol-fuelled assault.