In the three months to the end of March, the ANZ Stateometer showed Queensland, Victoria and SA all grew below trend and decelerated.
Except housing, all the components of Victoria’s Stateometer weakened, resulting in a deceleration of its economic growth rate. Only in Victoria and Tasmania did the consumer component fail to strengthen in March.
Victoria’s lockdown has been one of the most stringent and as a result its economy has showed signs of contracting slightly more than others. Its government estimates a 14 per cent decline in GSP in the June quarter.
Queensland’s economy slipped further below trend in the March quarter. The labour market weakened, as did trade. Housing grew at a below-trend rate but became slightly less negative. The consumer contribution grew at an above trend rate.
Momentum in the SA economy weakened to around a five-year low, with the housing component –which together with trade had been the only positive contributors to the index in the December quarter –falling below trend. The consumer component gained slightly, but remained below trend.
NSW, WA and the NT all grew at a below trend rate, but accelerated. NSW's economy accelerated slightly in the March quarter though at a below-trend rate. The consumer and trade components made positive contributions, but the labour market deteriorated.
WA’s economy continued its slow recovery during the March quarter, with all components other than business improving. The overall rate of growth however was below trend, with only the labour market slightly above trend.
The ACT and Tasmania grew above trend and accelerated.