‘Useless’ report marks down Queensland economy
Queensland has been ranked ahead of NSW but behind Victoria in the latest CommSec State of the States report, which rated the Sunshine State's economy fifth best in the country.
Tasmania took out the top spot for the fourth quarter in row, while the ACT came in at No.2, with Queensland's fifth place an improvement from the previous quarter when it was ranked sixth.
The report said Queensland led the nation on total value of home loans - up 65.5 per cent on the long-term average.
But comparing each state and territory's unemployment rate with their 10-year average, the report ranked Queensland seventh in the country, only ahead of the Northern Territory.
Population growth in the Sunshine State was down 3.1 per cent on the decade average, but Queensland had the fastest absolute annual population growth in the country - up 1.58 per cent.
The report ranked Queensland third best in the country for retail spending, up 18.2 per cent on the 10-year average - a rate behind only Tasmania and the ACT.
Acting Treasurer Stirling Hinchliffe hit out at the report, claiming COVID-19 had exploded the myth of CommSec's decade-long methodology which had inherent shortcomings.
"What has happened around the globe in the last 12 months renders any attempt at a decade-long comparison not just useless but inherently misleading," he said.
The State of the States report considers eight indicators - such as economic growth, retail spending and unemployment - and compares them to 10-year averages to determine the ranking of each state and territory.
Originally published as 'Useless' report marks down Queensland economy