Its latest report, which compares states’ economies over the past decade, showed Tasmania had regained the top place but Queensland exceeded the nation-wide growth rate in five of the eight categories and led in two.

The weak spot for Queensland was in construction work completed but the state performed well in relative economic performance outperforming its decade-average growth by 36 per cent.

CommSec said its nominal economic groth was up 18.5 per cent for the year, but this compared it to a Covid-affected year.

The concern for Queensland’s economy would be if the influx of people across the border came to a halt. It is currently growing at 2.18 per cent, which is 41 per cent above the decade-average.

The growing population is a boost to retail spending and housing. The value of housing loans in the state is running at 8 per cent above the long-term average, but down 25 per cent for the year. Retail spending in Queensland was up 1.4 per cent.

CommSec economist Craig James said the states and territories were all relatively close.

“Looking ahead, sectors like construction, education and consumer spending are likely to be supported by high rates of in-bound migration,” James said.

“We anticipate ongoing growth in Tasmania, Queensland and South Australia economies in the next six months and that these states will remain at the top of the leader board.”

A benefit for Queensland was that the report was now comparing the current economy to 2013, a relatively normal year. In the years before 2013, Queensland was going through a once-in-a-generation mining boom that fired up construction work and the overall economy.