Commsec's State of the States sees QLD and NSW tie in fourth
THERE are some times when even failing to score a bronze medal counts as being a winner.
One of those times is when Australian states and territories are ranked by CommSec's State of the States report, which listed New South Wales and Queensland as equal fourth on performance.
Treasurers Tim Nicholls and Mike Baird from Queensland and NSW were both quick to dash out a celebratory statement, with Mr Nicholls praising his state for having the top business investment in the country and Mr Baird doing the same to spruik its enviable job figures.
Mr Nicholls said "Queensland now leads the national in business investment, with spending in the June quarter 37% above the decade average".
Mr Baird said "NSW's jobs market continues to be a standout in the ... report, as the state received top ranking for its low unemployment rate for the second quarter in a row".
Overall, on a range of criteria including growth, unemployment, construction, both states ranked below leaders Western Australia, Australian Capital Territory and Northern Territory.
Queensland's number of new dwellings still sits 13.7% below the national average, but were 9.4% higher than the year before.
NSW's key weakness was its lack of economic growth, ahead of only Tasmania.
For CommSec chief economist Craig James, you could "throw a blanket over" the three largest states and NT given their close rankings.
"Northern Territory is just ahead of Queensland and NSW which jointly share fourth position and they are closely followed by Victoria," he said.
"There is then a gap to South Australian and then another gap to Tasmania."
Mr James said with the Federal Election finished, all economies should begin to improve.
NSW and Queensland are among four states likely to benefit from a lift in home building, he said.