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Tasmania is number one in CommSec State of the States report for the first time since October 2009

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Tasmania is Australia’s No.1 state for the first time in a decade as coronavirus cripples the national economy and sparks new outbreaks in Melbourne and Sydney.

The island state topped CommSec’s State of the States league table in its own right for the first time October 2009 – during the Global Financial Crisis. 

The apple isle also has Australia’s lowest unemployment rate among the states despite being a smaller area that is dependent on tourism.

At the start of the coronavirus global pandemic in March, Tasmania had Australia’s lowest jobless rate of 4.9 per cent and continued to hold that title in June, albeit with a higher unemployment level of 6.9 per cent.  

Tasmania is Australia's No.1 state for the first time in a decade as coronavirus cripples the national economy and sparks new outbreaks in Melbourne and Sydney. The island state topped CommSec's State of the States league table in its own right for the first time October 2009 - during the Global Financial Crisis. Pictured is Hobart

Tasmania is Australia’s No.1 state for the first time in a decade as coronavirus cripples the national economy and sparks new outbreaks in Melbourne and Sydney. The island state topped CommSec’s State of the States league table in its own right for the first time October 2009 – during the Global Financial Crisis. Pictured is Hobart

Tasmania’s jobless rate now is only the highest since January 2019 while the national unemployment level of 7.4 per cent is the most elevated since November 1998.

The state has only one active case now of coronavirus, despite a cluster in the Tasmania’s north-west in April.

CommSec chief economist Craig James said states that managed to contain COVID-19 were set to do better economically in coming months.

‘The coronavirus crisis is posing significant challenges across all states and territories,’ he said.

‘Some have been more successful in suppressing coronavirus cases and that may lead to relative out-performance on economic indicators in future months.’ 

Despite a new outbreak of coronavirus in Melbourne and new lockdowns, Victoria came second by virtue of having economic activity that was 26.5 per cent above its 'normal' decade-average. Pictured is a woman at Fitzroy Gardens in Melbourne walking her dogs as police and the Australian Defence Force patrols the streets to ensure people are wearing face masks

Despite a new outbreak of coronavirus in Melbourne and new lockdowns, Victoria came second by virtue of having economic activity that was 26.5 per cent above its ‘normal’ decade-average. Pictured is a woman at Fitzroy Gardens in Melbourne walking her dogs as police and the Australian Defence Force patrols the streets to ensure people are wearing face masks

Tasmania was regarded as having the best performing economy and was first in four of the eight categories including relative unemployment, population growth, equipment investment and retail trade.

State of the States league table

1. Tasmania

2. Victoria

3. Australian Capital Territory

4. New South Wales

5. Queensland

6. South Australia

7. Western Australia

8. Northern Territory

Source: CommSec State of the States report, July 2020 

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Despite a new outbreak of coronavirus in Melbourne and new lockdowns, Victoria came second by virtue of having economic activity that was 26.5 per cent above its ‘normal’ decade-average. 

This could soon change, however, with federal Treasury predicting the planned six-week lockdown was likely to wipe $3.3billion from Australia’s gross domestic product.

The state also confirmed a record 532 new cases in the 24 hours to Monday morning, marking the 22st consecutive day of a triple-digit increase, taking active cases across the state to 4,765.

The Australian Capital Territory came third for being strong on housing finance and for having lowest unemployment rate of 5.1 per cent.

New South Wales, which like Tasmania has the lowest unemployment among the states of 6.9 per cent, came fourth but topped the list for construction work.

The states in the bottom half had higher unemployment including Queensland (7.7 per cent), South Australia (8.8 per cent), Western Australia (8.7 per cent).

Nonetheless the Northern Territory, which came last, had a much-lower than average unemployment rate of 5.7 per cent in June, a big drop from 7.4 per cent in May.

Despite those attributes, CommSec marked it down for being weak on population growth. 

CommSec chief economist Craig James said states that managed to contain COVID-19 were set to do better economically in coming months

CommSec chief economist Craig James said states that managed to contain COVID-19 were set to do better economically in coming months

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