Tasmania tied Victoria for Australia’s best economic performance in CommSec’s latest quarterly State of the States report, before the COVID-19 hit.
It’s the first time since October 2009 that the Apple Isle has been on top of the performance rankings.
CommSec has for the last 11 years ranked Australia’s states and territories across eight key economic indicators, comparing each region’s performance against its decade averages.
“Victoria has now held top position in the economic rankings – either outright or shared – for eight quarterly surveys,” CommSec said.
Victoria fell four spots on equipment investment, three spots on dwelling starts and two on relative unemployment, while improving on housing finance.
Tasmania lifted two places on relative unemployment and retail trade, and one spot on relative economic growth and construction work.
But it dropped five places on business investment and one spot on housing finance.
ACT and NSW switched places in the quarterly report, with the capital territory pipping Australia’s most populous territory for third place.
But there was little to separate the top four states, CommSec said.
South Australia also switched places with Queensland for the fifth spot.
Western Australia remained in seventh position ahead of the NT.
However, the survey does not take into account the economic impact of the virus.
“Regardless of the rankings, the impact of the virus is posing significant challenges across all states and territories, especially those reliant on overseas tourism and overseas students,” CommSec said.
Future reports will track how each state and territory is navigating through the crisis and into an eventual recovery phase.
The survey covers the March quarter of 2020.
By Derek Rose in Sydney