Australia was named the strongest economy in a recent survey.

South Australia has once again proven its dominance in the country's economy, thanks to a flourishing job market and a thriving construction sector. In fact, according to the latest survey by CommSec, SA has been named the top-performing state for the third consecutive financial quarter, beating out Western Australia and Victoria for the coveted spot.

CommSec, the online brokerage arm of the Commonwealth Bank, released its 'State of the States' report, which evaluates each state and territory based on eight indicators: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance, and dwelling commencements. And it's no surprise that SA came out on top, with impressive numbers in completed building work, dwelling starts, and relative unemployment.

However, WA is not far behind, with a powerful economy fueled by rapid population growth and promising home lending forecasts. As Ryan Felsman, senior economist at CommSec, puts it, "the economic performance of Australia's states and territories is being driven by strong employment and population growth, despite the challenges of rising inflation."

But it's not all smooth sailing for the other states and territories. The ACT, which held the fourth position, has been overtaken by Queensland, while Tasmania and New South Wales have dropped down the rankings. Queensland's economy is being bolstered by a robust labor market, while NSW is experiencing solid population growth, but struggling with squeezed retail spending due to higher borrowing costs. Tasmania, on the other hand, is feeling the effects of a slowdown in housing activity.

According to CommSec, state economies have experienced a slowdown due to increased borrowing costs and inflationary pressures faced by consumers. Felsman emphasizes that the future of the economy will heavily rely on the strength of the job market and the direction of interest rates.

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