Report encouraging for Qld: Nicholls

A report ranking Queensland's economy in the middle of the pack in Australia indicates positive signs for the state, Treasurer Tim Nicholls says.

In its quarterly assessment of the states and territories, CommSec ranked Queensland's economy as the fourth strongest, behind Western Australia, ACT and the Northern Territory.

The State of the States report said Queensland's strength was in its rebuilding work, which was flowing through to retail spending and investment.

Mr Nicholls said the report showed encouraging economic growth for Queensland on the back of its resources boom.

"Despite Labor leaving our state finances in appalling shape, including a $64 billion debt in 2011/12, our resources sector continues to keep the economy afloat," Mr Nicholls said in a statement.

"The Newman Government will grow a strong four pillar economy and create a competitive tax environment that allows business to grow."

Premier Campbell Newman had campaigned on the four pillars of resources, agriculture, construction and tourism in the lead-up to the Queensland election in March.

The report's author, CommSec chief economist Craig James, said WA came out on top in six of the eight categories.

"Western Australia is clearly Australia's best-performing economy," he said.

"So much so, that it is probably more appropriate to look at two concepts to measure the national economy - Australia, and Australia less Western Australia."

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