As Australia continues its 24th consecutive year of positive GDP growth, New South Wales (NSW) and Victoria are leading the other Australian States and Territories in economic performance.
The Commonwealth Securities (CommSec) “State of the States” report (April 2016) evaluated the economies of Australia’s six States and two Territories based upon eight key criteria: (1) economic growth; (2) unemployment, (3) retail spending, (4) housing starts, (5) housing finance, (6) construction work completed, (7) investment in equipment, and (8) population growth.
According to the CommSec report, New South Wales (NSW), where Sydney is located, has the best performing economy of any State or Territory in Australia. In particular, NSW did exceptionally well in terms of low unemployment, growth in population, housing starts, and retail trade.
Not far behind NSW is the neighboring Australian State of Victoria, where Melbourne is situated, which has the second best performing economy in Australia. Victoria’s strongest economic indicators are low unemployment, growth of population, retail spending, and housing finance. The CommSec report noted that if current trends continue, Victoria is poised to possibly surpass NSW as the #1 performing economy in Australia later this year or perhaps in early 2017.
Other top-performing economies in Australia include 3rd place Australian Capital Territory (ACT), where the national capital of Canberra is found, and #4 Northern Territory, whose largest city is Darwin. In ACT, equipment spending and population are both soaring, while economic growth and construction are doing especially well in Northern Territory.
In fact, while Northern Territory has the #4 best-performing economy in Australia, it is actually #1 in Australia for economic growth, followed by NSW, Victoria and ACT.
Nonetheless, the CommSec report revealed that Victoria has the fastest growing economy in Australia, having increased 4.3% over the same period in 2015, followed by NSW which enjoyed a 3% rise in economic growth compared to the same time last year and Tasmania which saw its economy grow by a healthy 2.8 percent.
Queensland (home to Brisbane, Gold Coast, and Cairns) has the #5 best-performing economy in Australia, with housing starts and tourism its top economic strengths.
Rounding out the CommSec rankings are #6 Western Australia, followed by South Australia and Tasmania which tied for 7th place in economic performance. In Western Australia, construction work and retail trade are doing well, while investment in equipment and population growth are key drivers of the economy in South Australia.
In sum, each Australian State or Territory has certain strengths driving its own economy and contributing to the nation’s impressive multi-decade economic expansion and prosperity.
A “common thread” throughout Australia is that there is a need for skilled workers to fill thousands of high-demand jobs in Australia. To help sustain the nation’s healthy economic growth, Australia’s government created the General Skilled Migration (GSM) program to bring eligible foreign workers and their family members to live and work in Australia long-term. To find out if you are likely to qualify for the GSM Australian visa program, click here!