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Canberra is booming

24 October 2015 by News Desk

canberra02The Australian Capital Territory, including Canberra, has the fastest annual economic growth rate in Australia.

That’s according to the latest national survey on economic performance across the country. The ACT is again ranked sixth in the nation on overall economic performance. ACT is best on housing finance and economic growth (third) but seventh on construction work done, unemployment and equipment investment, according to the latest CommSec Research State of the States report.

The ACT economy has retained sixth position on economic performance for the June quarter against the decade average. The territory ranks third on economic growth and housing finance but is ranked seventh on three indicators. Economic activity is up 16.5 per cent, for the quarter.

“The ACT now has the fastest annual economic growth rate in the nation, up by 4 per cent on a year ago, ahead of Victoria with 3.9 per cent and NSW, 1.4 per cent,” the CommSec Research report says.

Latest ABS figures show that monthly retail trade in the ACT is up by 4.4%
and there was a 76% increase in new housing commencements in the June quarter of this year. In the year to June, dwelling commencements increased by 42%.

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