The nation's capital has come in second-last on overall economic performance but is leading the country in housing finance, the latest report card from CommSec shows.
The quarterly CommSec's State of the States report, released Monday, shows ACT came in seventh place on the economic leader board based on eight indicators, including retail spending, employment growth, population growth and construction work.
Tasmania took out first place, excelling in relative unemployment, dwelling starts and equipment investment figures, while South Australia, Queensland, NSW, Western Australia and Victoria trailed behind.
The Northern Territory came eighth in last place behind the ACT.
The report noted while ACT trailed NSW, Western Australia and Victoria, there was "little to separate these four economies".
While the ACT ranked fourth in retail spending when compared to the December quarter, it led the country in annual growth of real retail trade.
Year-on-year spending in the ACT is up 5 per cent, ahead of NSW up 2.4 per cent and South Australia up 2.3 per cent.
Canberra also led the nation on the value of home loans, up 16.4 per cent on the long-term decade average.
However, annual comparison data showed home loan commitments were down across the board with ACT down 23.1 per cent.
Report authors, CommSec chief economist Craig James and senior economist Ryan Felsman, said the next quarter's result would be affected by jobs and housing along with the Chinese economy.
"Last quarter we noted that housing and job markets would prove crucial to the performance of state and territory economies," the report's analysis said.
"A solid job market provides valuable support for the key indicators of housing purchase, new home building and retail trade.
"Looking ahead, the potential for stimulus in the Chinese economy will be important for resources and tourism-focused states."
The figures come just a week out from the federal government's much-anticipated federal budget.
Treasurer Jim Chalmers has flagged the announcements will aim to ease cost-of-living pressures on households without adding to inflation.
Dr Chalmers said the budget for 2023-24 would be handed down under difficult conditions.
"The uncertainty and volatility in the global economy will be a really key influence on the budget that we hand down in May," he said last month.
"It will influence our forecasts but it will also influence how we try and strike this balance between maintaining the kind of fiscal restraint which was a hallmark of the October budget, but also making sure that we can support people through a difficult period.
"That's the fine balance and series of fine judgments which are central to this budget that we hand down in May."
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