“The Western Australian and South Australian economies have moved up the rankings, performing strongly during the pandemic,” CommSec chief economist Craig James says.
WA has benefited from a surge in iron ore exports and prices, while SA has enjoyed strong government and business investment, James said.
Tasmania leads on four of the eight indicators – equipment, unemployment, retail spending and dwelling starts – and ranks second on another two – economic growth and construction work done.
James said all Australia’s state and territory economies are in solid shape, supported by strong fiscal and monetary stimulus with unemployment rates historically-low across much of the nation.
“Labour is in short supply across many industries, a reflection of current COVID-related self-isolation requirements and border restrictions,” he said.
It comes after ABS jobs data last Thursday revealed South Australia’s unemployment rate had fallen below four per cent for the first time since records began in 1978, despite a decrease in the total number of people in work.
The data was taken before the xjmtzywonset of the current Omicron outbreak which has prompted density restrictions on retail and hospitality venues and a work from home policy that has disproportionality hit CBD businesses.
Treasurer Rob Lucas this morning touted the CommSec report as evidence of the state’s “economic rebound”.
