South Australia has outpaced other states in economic performance amid nationwide concerns about price pressures and increased interest rates, according to the State of the States report.
This marks the first time in CommSec's 14-year history of quarterly assessments that South Australia claims the top spot, displacing Victoria. The state secured its position by leading in four indicators, including new home construction and overall economic growth rate.
Victoria and New South Wales shared the second spot, with Western Australia following closely, benefitting from robust population growth.
The report suggested that South Australia, New South Wales, and Victoria are likely contenders for the top spot in the upcoming quarters.
At the same time, trends in jobs, consumer spending, and housing will be crucial for sustaining momentum in other states.