Victoria tied with NSW last quarter but has cemented its position at the top of the leaderboard after coming in first for economic growth, the job market, retail spending, and construction work done. CommSec chief economist Craig James says it is Victoria's economy that is strengthening rather than NSW's weakening, with little separating the top two.

2. NSW

First or second on six out of eight indicators. Home dwelling starts were strongest in NSW due to above-normal population growth, while the state came in second for economic growth, construction work, retail spending and unemployment rates. It was, however, weakest in terms of housing finance, with the lowest number of committed home loans.

3. TASMANIA

Tasmania continues to markedly improve its economic performance, despite recording its highest unemployment rate since November 2014. With Tassie maintaining its hold on third spot with strong population growth creating demand for home purchases and new construction work, Mr James told AAP "it's possible that any one of the three economies could take the top spot" in the next survey.