Queensland named the best performing state

The January 2023 State and Territory Economic Performance Report by CommSec revealed Queensland leads the nation as Australia's top-performing economy. The sunshine state had the strongest population growth which is a significant driver for the economy. The increased population has boosted home loans and retail spending. Data shows the annual growth rates experienced in Queensland exceeded the national average on five of the eight indicators.

The report explains Queensland has the strongest job market with unemployment at 3.6%. Employment was above decade-average levels in all states and territories in December. The report mentions the importance of a strong job market for the economy as it supports housing purchases and retail trade. The eight key indicators used to create the report are economic growth, retail spending, equipment investment, unemployment, construction, population growth, housing finance, and dwelling commencements.

Tasmania is in second spot followed by South Australia, New South Wales and Victoria are both in fourth place with ACT in the sixth, Western Australia seventh, and Northern Territory in eighth.