Victoria outperforms New State in economic performance (Daily Mail photo)
Melbourne has overtaken Sydney as the best city to find a job in Australia. At the same time, the Tashoueconomic performance is strong, unexpected.
According to the Daily Mail, Australia's Federal Securities (CommSec) 's latest quarterly report on state-of-the-art (State of the States) shows Victoria's economy is the strongest, while the new state ranks second in the country.
Melbourne is Australia's strongest job market, with unemployment falling to its lowest level in a decade and wage growth the fastest.
Construction activity in Victoria is the highest in Australia, with an unemployment rate of 4.5 percent, well below the national average of 5 percent.
The new state has a lower unemployment rate of 4.4% and ranks first in retail consumption and housing starts. Australia's most populous new state ranks second in overall economic performance because its absolute population growth lags behind fourth in Australia. The number of people who fled Sydney because of high housing prices exceeded the number of skilled immigrants who moved in.
The Capital Territory ranked third in economic performance, No. 1 in housing finance and second in population growth and business investment.
The state ranked fourth overall, benefiting from Australia's strongest population growth and business investment, and is closing the gap with the Capital Territory.
South Australia ranked fifth, with equipment investment falling below the 10-year average in the second quarter of this year.
Queensland followed suit with a decline in equipment investment and a bottom-to-bottom spot in retail consumption.
After the completion of the liquefied natural gas pipeline of Japan's oil giant Inpex, investment in equipment in the Northern Territory fell by 32.1% and the overall economic performance ranked seventh in Australia.
Western Australia's economic performance is among the last in the country. Unemployment hit 6 percent in September, the highest in Australia, while Western Australia's retail consumption performance was the weakest.