The Australian state economy outperforming the rest for the first time in a decade
The top state took first place on three key economic indicators while one east coast state languished near the bottom of the table
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For the first time in a decade, Western Australia has the best performing economy in the country, new data has revealed. CommSec’s State of the State report showed the state held the top position this quarter in three of the eight economic indicators — retail spending, relative unemployment and relative population growth.
By contrast, the eastern states languished, with Victoria taking fourth position and NSW in seventh position, just ahead of the Northern Territory economy. The report said persistently high borrowing costs, based on interest rates maintained by the RBA to curb inflation, were having a negative impact on the rate sensitive NSW market.
This looks unlikely to change in a hurry with the report also examining annual growth rates across the eight indicators. It found WA has the strongest growth momentum, followed by Queensland, which is fuelled by strong relative unemployment figures and housing finance. The economic outlook for the Northern Territory is also positive given it now sits in second place on three economic indicators.
Western Australia edged out South Australia as the top performing state economy, after two quarters in first position.
Chief CommSec Economist Ryan Felsman said the resilient job market and steady population growth was continuing to underpin all state and territory economies.
“However, an extended period of elevated interest rates to counter persistent inflation is pressuring consumers and slowing economic momentum,” he said. “The path forward will largely depend on the ongoing strength of the labour market, trajectory for monetary policy and China’s economic recovery.”
While WA’s strong performance was based on ‘robust economic fundamentals’, Mr Felsman said the other states and territories were not far behind.
“WA is well positioned for sustained future performance; however, the competition remains intense, particularly among the top three states with Queensland moving quickly up the rankings,” he said.
CommSec is the digital broking arm of the Commonwealth Bank, Australia’s largest mortgage lender. It assesses the performance of each state and territory on a quarterly basis using eight key indicators including economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance, and dwelling commencements.
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The social-media company’s revenue increased 14%, falling short of estimates.
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Pinterest shares tumbled after the company projected that revenue growth would slow in the first quarter, amid an advertiser pullback that weighed on its fourth-quarter earnings.
Shares slid 18.5% to $15.10 in after-hours trading after closing the market session down 2.9% at $18.54.
Pinterest reported a 14% increase in fourth-quarter revenue to $1.32 billion, up from $1.15 billion a year earlier, but short of analysts’ estimate of $1.33 billion, according to FactSet. The company posted 17% revenue growth in the third quarter.
The company expects growth to decelerate further in the current first quarter, projecting growth between 11% and 14%. It’s forecasting revenue between $951 million and $971 million.
Chief Executive Officer William Ready said the company needs to broaden its revenue mix and accelerate sales going forward.
“We are not satisfied with our Q4 revenue performance and believe it does not reflect what Pinterest can deliver over time,” he told analysts on a call Thursday. “We are moving with urgency to return over time to the mid-to-high-teens growth, or better than what we have been consistently delivering.”
Pinterest on Thursday recorded a profit of $277.1 million, or 41 cents a share, compared with its profit of $1.85 billion, or $2.68 a share, a year earlier. The $1.85 billion profit in 2024 included a $1.6 billion benefit from deferred tax assets.
Stripping out certain one-time items, Pinterest logged adjusted earnings of 67 cents a share, in line with analyst expectations, according to FactSet.
Ready said the company continues to see headwinds from larger retailers pulling back on advertising spending to protect their margins amid the impact from President Trump’s tariffs.
“We saw continued softness from this cohort of large retailers,” Ready said. “While we see opportunity over the long term, the near-term outlook for this cohort on our platform remains pressured given these headwinds.”
Ready said the company has expanded its footprint among mid-market and small-to-medium business advertisers, as well as international businesses. Still, he said Pinterest had a ways to go to offset the headwinds from larger advertisers, which may become even more pronounced in the current quarter.
Chief Financial Officer Julia Donnelly added that the company is looking to increase its investments in sales and research and development related to artificial-intelligence following the launch of its restructuring effort in January. Pinterest said last month that it would cut about 15% of its workforce, or approximately 700 jobs.
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