States outpace average retail spending growth
Victoria has taken top billing in CommSec’s quarterly State of the States report due to strong construction activity and the lowest rate of joblessness in a decade.
The report compares each state based on several indicators, including economic growth and retail spending, compared on a quarterly and an annual basis.
Economic activity in Victoria rose in June to 26.7 per cent above of its average level , ahead of New South Wales which landed at 25.7 per cent head of average.
“Victoria has again come in as the nation’s best performing economy, leading on a range of key indicators,” Victorian government treasurer Tim Pallas said.
“Our booming economy is driven by sound economic management and an unprecedented pipeline of major infrastructure projects.”
The Northern Territory followed in third place, growing by 25.6 per cent ahead of the ACT’s 19.7 per cent.
Retail spending, however, was slightly higher in New South Wales – up 18 per cent compared to Victoria’s 17.7 per cent, with the ACT trailing in third place at a growth of 14.4 per cent.
Annually, retail spending rose by 2.5 per cent across all of Australia, with Victoria, Tasmania and New South Wales outpacing the average at 4.9 per cent, 3 per cent and 2.7 per cent respectively.
According to the survey, there is little to separate Victoria and New South Wales, with the data supporting a strong possibility the two states will trade rankings over the next year.
This article first appeared on Inside Retail, a sibling publication to Inside Franchise Business.