Western Australia has become the country’s worst performing economy for the fourth consecutive quarter, according to stockbroking firm CommSec.
WA’s annual growth rates continued to straggle below national average in all eight key indicators analysed by CommSec’s State of the States report. Out of all states and territories, WA ranked last or second last in economic growth, business investment, construction work, housing finance and dwelling starts.
Commsec chief economist Craig James said the state should remain optimistic, as improvement in employment rate and commodity prices is forecast. “There is some extra dollars flowing through to the coffers of the major producers,” James told ABC. “If that gets spend across Western Australia then we are going to see some better times ahead.”
However, James said WA’s economic improvement might take more than 12 months relative to other states and territories.
New South Wales achieved the top spot as the country’s best performing economy, with Victoria and the ACT slightly behind.