Western Australia is the best place to be.
“Commsec economist Savanth Sebastian says Australia has moved from having an economy running at three speeds to one in which WA stands apart from the rest, as a result of the mining boom. “I think that’s something the Australian economy, the public really has to get used to,” Mr Sebastian said. “It’s going to be something that’s around for some time. It really is this structural shift that is taking place.” Western Australia’s economy is followed by the ACT and Victoria, then Queensland, New South Wales and South Australia and finally the Northern Territory and Tasmania. But Mr Sebastian says the lagging economies are not necessarily struggling. “I don’t think it’s the rest of the country’s falling further and further behind, rather than Western Australia’s accelerating,” he said. “Coupled with that story, you look at Queensland at the moment and you go back a year ago and the floods and the natural disasters had hit it. “It really was at the bottom of the pack, but it’s really starting to now shift up a gear and Queensland has actually crept up the rankings.” Mr Sebastian suggests the Government support industries such as manufacturing to ensure other states and territories are not left too far behind.”