by Sanjeev Sah | Nov 21, 2023 | Market Updates

Victoria has risen to become Australia’s best-performing economy, according to the latest CommSec State of the States report.  

This is a significant jump from its fifth-place ranking in the previous report, with the state’s success attributed to strong economic activity, robust retail spending, and business investment.  

Additionally, Victoria recorded its highest population growth in nearly seven years.  

While Victoria took the top spot, CommSec Chief Economist Craig James said the other states weren’t far behind with: 

* South Australia ranking first on relative unemployment 

* Queensland ranking first on home loans 

* Western Australia ranking first on relative population growth 

* Tasmania ranking first on equipment spending and dwelling starts. 

* The ACT ranking first on retail spending

“We expect Victoria to face challenges from the other economies in the period ahead,” he said.