Victoria has taken the title of Australia's best performing economy, overthrowing New South Wales which is now in second place, according to Commsec’s state of the state market report. For the first time in three quarterly surveys Victoria has solely taken the top spot on the overall economic performance rankings, thanks to the strength of the state’s economic growth, retail trade, the job market and construction work. While New South Wales, which had previously jointly shared the top spot with Victoria, remains consistently strong across all indicators. Each quarter CommSec analyses eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction work done, population growth, housing finance and dwelling commencements. When looking across growth rates for the states and territories, Victoria exceeded the national-average on seven of the eight indicators, with Victoria’s lowest ranking, in population growth, ranking in fourth. [caption id="" align="alignnone" width="953"] Victoria has kept top spot...

An aerial shot of the five-minute community planned for Mambourin, 48km southwest of the Melbourne CBD.   A NEW “five-minute community” where residents will be able to walk and cycle to “everything they need” is planned for Melbourne’s outer west.   Shops, public transport, schools, parks, entertainment and fitness precincts, and even a “major town centre and commercial business district” will be within a five-minute stroll of every doorstep in Frasers Property Australia’s ‘Mambourin’, the developer says.   The $440 million project is set to transform 115ha of vacant land in Mambourin — a rural district 48km southwest of the CBD near Wyndham Vale and Werribee, with a current population of four. That’s expected to swell to 3500 by the time the 1200-lot development is completed in about eight years.   Stage 1 of the project has been approved by Wyndham City Council and is set to be done by...

ANZ is the first of big four banks to pass on the rate cut. ANZ has again become the first of the big four banks to reduce variable mortgage rates following the Reserve Bank’s cash rate cut, this time passing on the full amount. ANZ was widely criticised last month when it passed on just 0.18 percentage points of the RBA’s 25 basis point cut, but on Tuesday said it would reduce its variable rates for owner-occupier and investor loans in full from July 12 after the cash rate was cut from 1.25 to 1.0 per cent. “We looked at a number of factors before reaching this decision, including business performance, market conditions and the impact on our customers,” ANZ retail boss Mark Hand said. The official cash rate has been trimmed another 25 basis points to now sit at just one per cent – down from 1.25 per cent...