Growth in half of Australia’s states and territories moved from deceleration to acceleration in the three months to September, according to the latest ANZ Stateometer. The result showed positive momentum across much the country – although the pace of growth remained below trend.
Surprisingly, consumers were not the driver of the shift, given the combination of lower interest rates and tax cuts throughout June and July, with every region except for the Australian Capital Territory recording below-trend consumer components – some even lower than the previous quarter.
The business component showed improved momentum in resource-rich Western Australia and Queensland, likely reflecting improved performance in the mining sector. The housing component improved somewhat in New South Wales, Victoria and WA while counting to show strength in Queensland.
Overall, the Stateometer showed that NSW, Tasmania, Western Australia and the Northern Territory all shifted from the left to right of the Stateometer grid in the September quarter. South Australia and the ACT were the only regions to record above-trend growth.