The most recent CommSec State of the States report indicates that Victoria's economy is the best performing in the nation for the first time in more than a year.

Victoria shot up to the top of the list today, having recorded its highest population growth in nearly seven years, thanks to robust business investment, retail spending, and economic activity that propelled the state from fifth place in the July 2023 poll to the top spot.

With South Australia rising from third to second place and Western Australia, Tasmania, the ACT, Queensland, NSW, and the Northern Territory following, there is not much separating the top six economies.

By comparing eight key indicators—economic growth, retail spending, equipment investment, unemployment, construction, population growth, housing finance, and dwelling commencements—the CommSec State of the States report, a quarterly ranking of economic performance, provides an economic snapshot of each state and territory using the most recent data available.

An additional emphasis on the annual growth rates of the eight indicators is included in the State of the States report in order to emphasise the economic momentum. This data indicates the potential for Australia's economies to rise higher on the leader board of economic performance in upcoming surveys.

Victoria's ranking improved on four of the eight indicators, according to CommSec Chief Economist Craig James.

CommSec Chief Economist Craig James said Victoria improved its ranking on four of the eight indicators.

“Economic activity in Victoria in the June quarter was 7.7 per cent above its four-year average level of output and equipment investment was at record highs as well – up 19.7 per cent on the decade average.

“While the lift from fifth to first is surprising, we knew coming into this quarter there was little to separate the economic performance of the states and territories. We expect Victoria to face challenges from the other economies in the period ahead.

“Looking at the other states and territories, the report also highlighted strong economic momentum from Western Australia as it leads on annual growth rates,” said Mr James.

State and territory highlights

• Victoria ranked first on relative economic growth and construction work.

• South Australia ranked first on relative unemployment.

• Queensland ranked first on home loans.

• Western Australia ranked first on relative population growth.

• Tasmania ranked first on equipment spending and dwelling starts.

• The ACT ranked first on retail spending.

• NSW ranked second or third on four of the eight indicators.

• The Northern Territory ranked fourth on relative population growth.

Annual growth rates

• Annual changes in economic indicators are useful for measuring economic momentum.

• Western Australia has the strongest economic momentum, with NSW, Victoria and Queensland tied for second position.

• South Australia is now fifth, ahead of the ACT in sixth position, followed by the Northern Territory and Tasmania.

• Western Australia leads other states and territories on annual growth rates of three of the eight indicators.

• NSW, South Australia, the Northern Territory, Queensland and the ACT all lead on one indicator.

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