WA top Australian export performer
Global demand for natural gas and iron ore has propelled Western Australia to the top of the table as Australia’s best-performing state economy. Business investment and related construction has driven capital spending to more than double the state’s average from the past decade, according to a Commonwealth Bank report.
“Western Australia should maintain its spot at the top of the leader-board in early 2010,” said CBA senior economist Craig James. “Momentum has returned in the state in response to the strong recovery of the Chinese economy.”
On the other end of the scale, New South Wales sits on the bottom of the rankings after a stagnant year. The contrast, evidence of a ‘two-speed economy’, may force the Reserve Bank to raise rates, which would hurt Australia’s most populous state.
The CommSec State of the States rankings put the Australian Capital Territory as equal first, although its economy is less reliant on export.
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