ACT, WA best performing economies

ACT, WA best performing economies

11 January 2010 by Staff Reporter 0 comments

The ACT is one of Australia’s best performing economies, a new ranking by CommSec has found.

According to the ranking, Australia’s capital recorded the most rapid increase in mortgage lending and new housing starts and the second most positive economic growth.

Western Australia was ranked as the best performing economy in terms of economic growth, business investment and construction.

CommSec chief economist Craig James said NSW ranked last on economic growth, unemployment construction work and housing starts, and second last on retail trade.

"NSW should benefit from the ending of the US financial crisis with a stronger job market," Mr James said, "but it is a long way behind the other states due to the stagnant activity in the construction sector."

The ACT is one of Australia’s best performing economies, a new ranking by CommSec has found.

According to the ranking, Australia’s capital recorded the most rapid increase in mortgage lending and new housing starts and the second most positive economic growth.

Western Australia was ranked as the best performing economy in terms of economic growth, business investment and construction.

CommSec chief economist Craig James said NSW ranked last on economic growth, unemployment construction work and housing starts, and second last on retail trade.

"NSW should benefit from the ending of the US financial crisis with a stronger job market," Mr James said, "but it is a long way behind the other states due to the stagnant activity in the construction sector."

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