The ACT remains the second highest-performing economy in the latest CommSec economic snapshot of how Australia's state and territory economies are navigating the COVID-19 pandemic.
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However, it is also the only jurisdiction in which the job market has worsened in the latest snapshot.
Canberra's September unemployment rate of 4.1 per cent is above the decade average - although only by a mere 0.1 per cent.
There is still plenty of money flowing through the ACT, with economic activity for the June quarter growing by 22.6 per cent and retail spending up by 17.3 per cent against the decade averages.
The ACT continues to lead on equipment investment, up some 64.1 per cent on the decade average, but construction work is stable, dropping by a mere 0.5 per cent from the decade average.
CommSec chief economist Craig James said only Tasmania's economy beat out the ACT in performance overall, in his State of the States quarterly report, but Australia's state and territory economies were in strong shape, well supported by significant government stimulus.
"Unemployment rates are historically low across much of the nation - remarkable when you consider the COVID-19 challenges and when the broader Australian economy was in recession just over a year ago," he said.
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Despite constant challenges from COVID-19, and lockdowns, he noted construction in Australia remains solid, while job markets are fundamentally in good shape.
Success in suppressing the spread of the virus has meant Tasmania hasn't been forced to lock down its economy to the same extent as other economies, although it has had to close its borders.
Tasmania's lead in four of the eight indicators assessed by CommSec gave it the lead, and is unlikely to face any challenge to its dominance on those key economic indicators until mid-2022 at the earliest, Mr James said.
"Identifying the economy to challenge Tasmania for top position is not easy. Much will depend on vaccination rates, and reopening of state and foreign borders. But stimulus applied by state and territory governments will be important," he said.
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Queensland would be a key beneficiary of the opening of borders, with interstate and overseas tourism driving spending and employment.
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