The Australian Capital Territory continues to have one of the strongest economies in the nation, according to an economic performance report by financial giant, Commonwealth Bank.
According to the Commonwealth Bank's latest State of the States: State & Territory economic performance report the ACT lead the states in economics, however the gap with rest of the nation has narrowed.
The report states the “ACT economy may be small, but it has demonstrated that it is more rounded than many other states or territory economies".
ACT deputy chief minister Katy Gallagher said, the report released shows the ACT economy continuing to out-perform, relative to its decade average, in a number of key economic indicators.
Dwelling construction, new home loans and population growth in the ACT were all reported to be above decade averages and ahead of other jurisdictions.
Dwelling construction, new home loans and population growth in the ACT were all reported to be above decade averages and ahead of other jurisdictions.
The states were assessed on eight key indicators of economic growth, retail trade, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements.
"The encouraging results of today's report show the Stanhope Government continues to support a strong economy for the ACT community," Ms Gallagher said.
"The outlook for ACT retail spending remains positive and the growth rate was slightly above the national growth rate in the last four months."
"The outlook for ACT retail spending remains positive and the growth rate was slightly above the national growth rate in the last four months."
According to the minister, since the global financial crisis, households have become more cautious, increasing savings and reducing debt.
“The strength of the labour market, solid population growth and relatively high real wages growth in the Territory is expected to be supportive of household consumption," she said.
"Higher interest rates and planned Commonwealth fiscal consolidation is likely to put downward pressure on economic activity going forward.”
"Higher interest rates and planned Commonwealth fiscal consolidation is likely to put downward pressure on economic activity going forward.”
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