While momentum was positive across much of the country the pace of growth remained below trend.
"NSW, Tasmania, Western Australia and the Northern Territory all shifted from the left to right of the Stateometer grid.”
Surprisingly, consumers were not the driver of the shift, despite the combination of lower interest rates and tax cuts throughout June and July. Every region except for the Australian Capital Territory recorded below-trend consumer components – some even lower than the previous quarter.
The business component showed improved momentum in resource-rich Western Australia and Queensland, likely reflecting improved performance in the mining sector. The housing component improved somewhat in New South Wales, Victoria and WA while continuing to show strength in Queensland.
Overall, the Stateometer showed NSW, Tasmania, Western Australia and the Northern Territory all shifted from the left to right of the Stateometer grid in the September quarter. South Australia and the ACT were the only regions to record above-trend growth.