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Source: Commonwealth Bank of Australia

The latest CommSec economic rankings reveal how the pandemic recession is hitting some states and territories harder than others.

Monday, 26 October 2020 – Tasmania remains Australia’s best performing economy, with the ACT climbing into second place and Victoria slipping further behind, according to the latest CommSec State of the States report.

Using the latest available information, the CommSec State of the States report provides a valuable economic snapshot of how Australian state and territory economies are performing in the recession caused by the coronavirus pandemic.

The State of the States report is now in its 12th year, and for the first time Tasmania has topped the rankings for the third consecutive quarter. The Apple Isle now leads rankings on five of the eight indicators assessed. In the previous survey, three months ago, Tasmania took top spot from Victoria after sharing the mantle of top performing economy in the April report.

The ACT economy has now lifted to second position with Victoria slipping to third position. The second ranking for the ACT is its highest ranking in just over three years. And the third ranking for Victoria is its lowest position in just over three years.

NSW shares equal fourth spot with South Australia. Then in joint sixth position are Queensland and Western Australia and the Northern Territory. The joint fourth position for South Australia is its highest ranking in three years. And the joint sixth position for Western Australia is its highest ranking since April 2016.

MIL OSI – Global Reports