By Clyde Mooney – editor Australian Hotelier
CBA’s CommSec has released its latest ‘State of the States’ report, forecasting “winners and losers will change across Australia” as the mining boom fades.
In a positive sign for discretionary spending by the majority of the nation’s population the relative position of the eastern states has lifted, although Western Australia still currently leads the pack.
New South Wales has elevated to third place and Queensland to fourth, largely on the back of “economic growth and business investment”.
CommSec chief economist Craig James predicts that as the Australian economy moves on from the diminishing mining boom there would likely be a shake-up in the rankings of the states and territories.
The State of the State’s report uses eight key indicators in its assessment: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
The report reveals the Northern Territory closely trails WA as the best performer, due to strong growth in its employment and construction sectors.