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Western Australia - once dubbed the nation's economic 'powerhouse' - has become Australia's worst performing economy, a new financial report claims.
CommSec's latest State by State report says the economic performance of WA was a reflection of the end of the mining and construction boom.
Once 'the nation's powerhouse' Western Australia's economy is now in the doldrums. Photo: CommSecThe report, which compares annual growth rates in eight key indicators across the states and territories, again crowned New South Wales as the best performing economy, with Victoria in a solid second spot.
Western Australia and the Northern Territory recorded annual growth rates below the national average on all eight indicators.
WA won the wooden spoon for its annual economic growth rates, which were down by 5.9 per cent in the June quarter compared to the decade average.
Retail spending was also down, with WA dropping to fourth position from third in the previous year behind NSW, Victoria and the ACT.
WA was also deemed the second weakest performer on business investment, which plunged a whopping 27.1 per cent, coming in just after the biggest loser, the Northern Territory, with a loss of 34.2 per cent.
Compared to the previous year, business spending in WA was down by 4.8 per cent, "further highlighting the transition in the economy after the resources boom", the report said.
WA's unemployment rate also made for worrying reading, which stood at 6.3 per cent in September 2016, showing a steep incline from a 4.5 per cent decade average.
The state was also on the losing side in construction work, coming in second last after Queensland, with a drop of almost 7 per cent.
This article first appeared on www.watoday.com.au
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