According to the quarterly Commsec State of the States report Australia has a three tier economy, with Western Australia, New South Wales and Northern Territory outperforming the rest of the country.
The states assessment was based on a number of indicators such as retail spending, equipment investment, unemployment, construction work, population growth, housing finance, dwelling starts, wages and home prices.
Western Australia remains the best performing state in the country, according to the report, due to its strength in home construction and home purchases. WA is ranked first for retail trade and housing finance, second for economic growth and construction work, and third for business investment, population growth and dwelling starts.
Tasmania is the worst-performing state economy in Australia, coming last on four indicators; economic growth, construction, population growth and dwelling starts.
Source: Fairfax Media