Western Australia has topped Australia’s economic leaderboard for the second quarter in a row, narrowly pipping Queensland and South Australia to the post.

The January 2025 CommSec State of the States report, which analyses the performances of Australia’s state economies, says WA remains resilient.

It topped the list for its level of retail spending, unemployment, population growth, housing finance and dwelling starts. Although perhaps in a sign its fortunes may be starting to cool, like its property market, its weakness is its economic growth, where it came second last (to the Northern Territory). Queensland and South Australia tied for the second spot on the national leaderboard, followed by Victoria, Tasmania, New South Wales, and the Northern Territory.

South Australia leads for economic growth, according to the report, with economic activity up 8.4% on the long-term average. Victoria has the highest level of construction work done in the past quarter, about 16% above the decade average, while, not surprisingly, Western Australia, where properties were selling very quickly at the end of 2024, had the highest level of housing finance commitments and dwelling starts.