Victorians have retained the highest spot as Australia’s finest retail spenders, in accordance with a key trade report.
The CommSec State of the States report analyses eight key indicators, financial progress and retail spending, to get a snapshot of how the nation is fairing every quarter.
Victoria topped the record once more on retail spending, recording 17.7 per cent extra within the September quarter from its decade-average ranges.
The report credited a stable job market, rising wages, robust building and renovation exercise supported retail spending over the previous quarter.
Spending has lifted regardless of weak client sentiment, value of dwelling pressures and better rates of interest, in accordance with CommSec.
Queensland stays in second place with spending 16.4 per cent above its “normal” ranges or the last decade common.
Meanwhile, the sunshine state for the primary time within the report’s 13-year historical past has come out on high of the quarterly surveys – a rating of financial efficiency.
“The diversification of its economy has traditionally prevented Queensland from taking top spot in the economic rankings,” CommSec chief economist Craig James mentioned.
“That is, strength in some sections of the economy had been offset by weaknesses in others,” Mr James mentioned.
“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, whereas South Australia has lifted from fifth to 3rd with the bottom jobless price on file.
