NSW has retained its mantle as Australia's best performing economy, equal with Victoria, despite Sydney's cooling housing market.State of the States
"Lower prices mean fewer sales, which means fewer purchases of household items like furniture, putting more pressure on industries supported by the housing market," Mr Perrottet said. CommSec's quarterly report measures the states' performances across eight economic indicators including economic growth, retail spending, housing finance and dwelling commencements, and unemployment. In the latest report, released on Monday, NSW ranked second in seven of the eight indicators.
The report found construction activity in NSW was 29.1 per cent above the decade-average in the December quarter, but Mr James said signs of the softening were evident. NSW first claimed the top spot in the CommSec rankings in October 2014 off the back of the booming housing sector. It retained this mantle until July 2018, when it was overtaken by Victoria. NSW clawed its way back into equal-best position in January.
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Early days yet in 2019.