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Australian economic strength shifts from western states to east: report

Xinhua, October 26, 2015 Adjust font size:

Australia's economic strength has shifted from the west to eastern states as housing and population growth sees New South Wales and Victoria cement their positions as Australia's top two respective economies.

The quarterly CommSec State of the States report released on Monday analyzes eight key indicators including economic growth, retail spending, equipment investment, unemployment, construction, population growth, among others, which is then compared against decade averages.

New South Wales was ranked Australia's best performing economy for the fifth straight quarter, ranked highest in population growth, retail trade, housing construction and finance while second in unemployment.

Victoria remained in second due to population growth, housing finance and construction.

Australia's northern territory has held onto third place, sharing ranking with Western Australia thanks to strong retail trade and economic growth offsetting rising unemployment, while Queensland, the Australian Capital Territory (ACT), South Australia and Tasmania follow respectively. Endit