Western Australia's economic performance ranks first in the country again | Australia
Western Australia's economic performance ranks first in the country
Published 20 January 2014, 16:09 AEST
Western Australia was once again listed by the Commonwealth Bank of Australia Securities as the best performing state in the Australian economy. The report said Western Australia’s retail spending and six other indicators including economic growth and population have strong performance.
Western Australia's economic performance ranks first in the country again (Credit: ABC)
According to the report, Western Australia’s only weakness is the construction of new homes, which ranks fourth compared to its states. In terms of economic growth, Queensland and the northern regions are also among the best.
Economist Savanth Sebastian said that in general, Western Australia's economy and other resource states are the driving force for growth. He said that now we can see that the mining investment boom is transforming into a production-oriented boom. Income began to flow back to these resource states, and the low-profit environment is beneficial to them from the perspective of consumers and households.
Tasmania has the worst economic performance in the country. CommSec said that Tasmania lags behind the economies of other states and regions in all but one indicator.
The securities firm said that stagnant population growth will reduce economic activity, and coupled with shortfalls in business, engineering, construction and commercial investment, Tasmania is struggling.