Where Does Queensland Rank on ANZ’s Stateometer?

ANZ’s Stateometer is a measure of the economic conditions in each Australian State and Territory. It carefully considers a variety of factors, including labour market conditions and household and business activity, before giving each State and Territory a ranking. Much has been made of Queensland’s international tourism and real estate booms, but how is the Sunshine State currently performing?

Queensland on the Up

While marginally below the economic trend, Queensland’s economy is accelerating, according to the Stateometer. In fact, only New South Wales – Australia’s largest economy and most populous State – is growing at a faster rate. Queensland also posted the greatest improvement of all States. This result shows that Queensland is performing well while it rebalances its economy, following a downturn in resources construction.

Factors Driving Queensland’s Rise

ANZ found the services sector to be a significant contributor to Queensland’s economic growth – as it was in New South Wales, Victoria, and Tasmania – which also posted significant economic improvements. Residential construction indirectly support employment in the services sector; as one improves so does the other. Despite a decrease in mining activity, commercial construction in Queensland is also growing steadily with the success of leading firms such as TPM Builders. Contact them at 1300 733 891 to learn more about their design and construct services.

A Snapshot of Other States

New South Wales has emerged the strongest State during a period that saw its economic index hit a record high. An increase in residential construction in Sydney and other locations, especially due to Australia’s depreciated currency, has been a key contributor to that State’s strong economy. Queensland’s economic growth was similar to the Northern Territory’s, although the Territory is further below trend. Softer rankings were accorded  to Western Australia, South Australia, and the Australian Capital Territory, whose economies were significantly below trend and decelerating. Queensland ranks as one of Australia’s stronger State economies and its growth prospects are encouraging. ©Image via Flickr by o b s k u r a