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Bank report puts New South Wales economy on top in Australia
Last Updated: 2017-07-25 10:26 | Xinhua
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The latest report card on the state of the Australian state economies has been released on Monday, with New South Wales (NSW) holding onto the first place, while Victoria charged back into the second.

The July report compiled by Australia's largest bank, the Commonwealth Bank of Australia, looks at eight key economic metrics to determine the performance of each state and territory, including economic growth, retail spending, unemployment, and population growth.

In the latest iteration, NSW managed to hold onto its top spot, with the report stating that it was the "best performing economy," with rankings at the top, or near to, for all the assessed indicators.

This was good news for the NSW government, and their Treasurer Dominic Perrottet told Xinhua on Monday that NSW is benefitting from its "massive once-in-a-generation" major infrastructure works underway in the state.

"This report shows that on every single measure, NSW is one of the strongest performers in the country, and our overall economic performance is streets ahead," Perrottet said.

"That means whether you're a job-seeker, a small business owner, an investor, or an ordinary family, NSW is the opportunity state."

The state of Victoria rose from the third to the second place, with the report stating that this was primarily due to the "momentum" generated by its increasing population growth, but there was not much else to separate the state from the third placed Australian Capital Territory.

"Victoria continues to record the strongest annual population growth as well as holding the first place on the differential with the decade-average rate. Victoria's population is 2.4 percent higher than a year ago, and this growth rate is 19.4 percent above the decade average," the report said.

The final rankings in the Commonwealth Bank report saw NSW finish first, followed by Victoria, the ACT, Queensland and Tasmania tied for fourth, South Australia, the Northern Territory, and in last place - Western Australia.

The report forecasted the NSW should hold on to its top spot in the near future, but will face a significant challenge from both Victoria and the ACT.

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