WA economy streets ahead: CommSec
Monday, April 23, 2012/
Western Australia is performing well ahead of the national economy, according to a CommSec State of the States report.
The report, by CommSec chief economist Craig James, measures the nation’s eight states and territories against eight economic indicators.
James says WA is number one in five of the eight economic indicators including economic growth, construction work, low unemployment, retail trade and equipment investment.
“Western Australia is clearly Australia’s best-performing economy,” James said.
Western Australia’s jobless rate is 4.0% – the best in Australia.
“The best way to describe the situation is Western Australia first and daylight second,” he said.
In population growth, the ACT is number one, with Western Australia second.
“So when discussing the Australian economy it is best to focus on two concepts: total Australia, and Australia excluding Western Australia.”
James said with the exception of WA, the states were struggling for momentum.
He expects WA to hold top spot in coming quarters and sees the ACT as most at risk from expected spending cuts in the federal budget to be handed down on May 8.