State Economic Overview Q3 2023 – NAB Group Economics

⚡️ Highlights:

1. Despite higher rates and inflation, state and territory economies have shown resilience in 2023.

2. Household consumption growth has been modest but positive in most jurisdictions.

3. Strong population growth has supported demand in the large eastern states.

4. Rental markets are tight in most capitals, with house prices approaching their 2022 peaks in larger cities.

5. The labor market remains tight, but there are signs of slowing employment growth and gradual loosening expected as growth slows.

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