Anyone who posts that report on SSC gets howled down by myself and a few others. Commsec do that report every few months. It's a nice result for SA but the statistical methodology behind it is rubbish.
They're assuming, probably without realising it, that loan approvals are equally as important as economic growth. Many of their chosen indicators are contributors to, or denominators of, other indicators. Circular references abound. They use state final demand as a proxy for economic growth, when it's not really, and they're not clear if it's per capita growth or not, then they add population growth to it anyway. Most of the indicators are contributors to growth so there's a degree of double counting. Construction starts and home loans are added, which is double counting, then they add dwelling starts, so there's triple counting. Population is a contributor to unemployment so there's another clusterfuck there. I assume equipment purchases are derived from capital expenditure, which in itself includes building construction. The whole ranking then summing then ranking again business is nonsense Urgh fuck you've made me think about it. Make it stop. Make it go away.
I'm sure CBA do some top notch research, this is not it.