As per the latest quarterly report from the CommSec State of the States, Western Australia (WA) is the leading economy in Australia. WA is leading the country with strong economic growth in the mining and engineering sectors helping to raise the commercial construction and exports.
Western Australia took the top spot at the 8 parameters measures as key indicators including factors such as economic growth, retail spending, equipment investment, construction work done, population growth, housing finance, dwelling commencements and unemployment. Despite the uncertainly of the mining taxes and the carbon tax the state’s economic state is good.
John Nicolaou the Western Australia Chamber of Commerce and Industry's Chief Economist said that the report was a sign of the state's strong economic future. He believed that Western Australia will be the fastest growing state for many years to come. As per him the state would see its economic growth rise by 7% next year thanks to the resources industry and export demands.
According to the quarterly report the states that were worst off were New South Wales and Queensland. However the rebuilding work in Queensland after the natural disaster would help stabilize its position by providing financial relief and employment opportunities.
However the report also warned that just as the broader Australian economy is multi-speed, so is the situation in Western Australia. Mining areas are thriving but weaker housing activity is creating challenges in Perth and non-mining regional towns.