11 January 2010

Western Australia and ACT best performing states in Australia

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Western Australia and the ACT share the title of the best performing economy in Australia, new figures show.

In CommSec’s State of the States report published today, Western Australia also took the title of the fastest-growing state in the Australian economy, buoyed by mining-related construction and investment.

Resources were a large part of the Western Australia economic success but its close trade links with developing Asian nations had helped the state.

Western Australia Treasurer Tory Buswell said the mining sector had helped the state weather the global financial crisis in good shape and Western Australia will continue to lead the nation in economic growth while this industry remained strong.

"We now stand ready to play a major role in driving the economic development of the nation so these results are pleasing but not surprising," Mr Buswell said.

"We're focused on getting major projects moving and we're focused on investing in major infrastructure."

WA Chamber of Commerce and Industry (CCI) has reported that it expects the state’s economic grown to grow to four and a quarter per cent in the next financial year and that companies will expand their operations and start to hire more staff.

All Australia states and territories were assessed on eight key areas: economic growth; retail spending; business investment; construction work done; population growth; housing finance; dwelling commencements; and unemployment.

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