WA is Still Australia’s Top State; Election Crucial to Growth of State Economies
By Vittorio Hernandez | July 23, 2013 9:20 AM EST
The quarterly State of the States report issued regularly by CommSec once again named on Monday Western Australia as the strongest state in the Land Down Under.
However, while the strong showing of WA is no longer surprising, an upset occurred with the Australian Capital Territory (ACT) grabbing the second spot from the Northern Territory.
The bases of CommSec in ranking the Australian states are eight key indicators such as economic growth, construction work, unemployment rate and investment. CommSec chief economist Craig James said a new source of growth for the states and territories is the housing sector.
"We are going to see a passing of the baton - the mining sector is peaking in terms of new investment, but the housing sector is lifting," ABC quoted Mr James.
"And after a long period of relative inactivity, a lack of building across the nation, we are seeing an improvement and that does have significant multiplier effects right through the broader economy," he added.
Retaining their middle rankings are the states of New South Wales, Victoria and Queensland, while in seventh and eighth places are South Australia and Tasmania.
Mr James added another major factor that would affect the states' performance and the broader economy is the big question mark over the date of the federal election, initially slated on Sept 14.
"The election is central to the current situation in the economy and the future outlook for the economy ... All economies should lift, once the uncertainty of the federal election is finally out of the way later in 2013," he added.
To contact the editor, e-mail:
Join the Conversation
- 5 Proofs Russia is Geared-Up for Shooting War with U.S. and Can Win Future Nuclear Showdown
- Target’s ‘Surprise Doorbusters’ Black Friday 2014 Deals On TV Sets, Entertainment Centres, DVD Players And More
- IKEA Black Friday 2014 Ad Includes Discounts On Home Furnishings, Appliances, Kitchen Designs, Beds, Sofas, Mattresses And Toys
- T-Mobile’s Black Friday 2014 Deals On Apple iPhone 6, Samsung Galaxy Note 4/Edge, Nexus 6, HTC One M8, LG G3, iPad Air 2 And Mini 3
- ISIS Drug Transit From Afghanistan To Europe Confirmed By Russia: Money Goes Into Terror Funding And In New Recruitments
- ISIS Kidnaps Iraqi Defence Minister’s Family, Executes Female Parliament Candidates
- Bill Clinton At It Again, Caught By Camera In Jerusalem Peeking At Woman’s Breast