Victoria and NSW economies ‘head and shoulders’ above the nation: CommSec

by admin on July 13th, 2018

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Population growth in NSW and Victoria is helping drive continued economic growth. Photo: Tamara VoninskiVictoria’s economy is growing faster than that of any other state in Australia, according to fresh analysis from CommSec, but still trails NSW’s as the best-performing economy.

The quarterly “State of the States” report, released on Monday, shows Victoria has the second-best-performing economy behind NSW, but the margin between the two states is growing.

And the two states are “head and shoulders” above the rest of the country as a new two-speed economy emerges.

CommSec examines eight indicators including unemployment, population growth, retail spending and new home construction.

And while Victoria is in second spot in six measures, it has dropped from second to fourth on unemployment with a 5.7 per cent jobless rate, 4.6 per cent above the decade average.

“Victoria has the fastest annual economic growth rate in the nation, up by 3.6 per cent on a year ago, ahead of NSW (up 3.5 per cent) and the ACT (up 2.2 per cent),” the report says.

“Victoria is ranked second on a number of indicators – economic growth, population growth, retail trade, business investment, construction work and housing finance.”

Strong growth, 13.7 per cent, in construction work completed in the March quarter across residential, commercial and engineering work helped Victoria’s economy.

CommSec chief economist Craig James said Victoria’s population growth was continuing to stimulate growth through a strong housing and construction sector.

” [We have] A new two-speed economy, in the past the mining boom drove Western Australia, Northern Territory and Queensland,” Mr James said.

“Now we basically have NSW and Victoria which are head and shoulders above the rest of the country.”

Victorian Treasurer Tim Pallas said recent ABS figures showed strong employment growth in regional areas during the past three months.

He said across Victoria there were 147,000 more people in work than at the state election in 2014, more than 112,000 of those jobs full time.

“The trend is clear – Victoria is fast emerging as the nation’s leading economic powerhouse with jobs, construction, retail trade and business conditions all on the rise,” Mr Pallas said.

“The resilience and strength being displayed by the Victorian economy is providing opportunities and jobs across the state, and positioning us well for the challenges that lay ahead.”

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