Australia's strongest economy revealed

A new report has revealed which state or territory in Australia has the strongest economy.

Data collected by CommSec over a 13-year period determined Queensland was number one when it came to a flourishing economy.

Today finance expert Effie Zahos said this was due a number of factors including population growth, mining and energy.

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"Migration is a huge factor - last year 55,000 was the annual net migration but quarterly it's dipping off," she said.

"Property prices in Queensland and Melbourne have fallen quite a bit. So people aren't as cashed up as they thought they would be.

"Having said that, Queensland is still affordable if you look at how Brisbane compares with Melbourne and Sydney.

"Price-wise, you can still pick up a house around $780,000, but that gap's closing."

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Following Queensland was Tasmania and South Australia in second and third place with Victoria and NSW tying in the number four position.

The ACT came in next, followed by Western Australia in seventh place and the Northern Territory coming in last.

"Perth's doing really well, but it's expensive - A cup of coffee in Perth is $6.50," Effie said.

With the latest inflation numbers set to come out tomorrow, Effie said this will have an effect on the state of each state and territories economy too.

"Numbers will be higher tomorrow then you can see some states are faring better than others with inflation," she said.

See what else Effie had to say in the video above

The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs.

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