CommSec's State of the States report bestowed that ranking, based on how Tasmania's economy was faring compared to past its performance.

Premier Jeremy Rockliff said the CommSec report said Tasmania "holds the mantle of the best-performing economy".

"This is a fantastic result and is thanks to the strong actions we have taken to rebuild our economy upon coming to government in 2014, and again following the COVID-19 pandemic," Mr Rockliff said.

"We have reopened as one of the safest places in the world, thanks to the outstanding efforts of Tasmanians to roll up their sleeves and get vaccinated, and, despite some difficult times, businesses are looking to the future with optimism.

"Pleasingly, Tasmania took out the top ranking based on strong performances across a number of indicators, including relative equipment investment, construction work, retail spending, relative economic growth, dwelling starts and unemployment."

State Labor said: "The eight-year-old Liberal government is continuing to fail on the economic basics as Tasmanians face unprecedented cost of living challenges at the same time household incomes trail the rest of the nation."

"It's not surprising that the Rockliff-Ferguson government brag about CommSec and cherry pick from the latest quarterly Deloitte Access Economics Business Outlook report, failing to acknowledge a dire state of affairs for Tasmanian families under the tired and out-of-ideas Liberals."

Tasmania was followed by Victoria, with Western Australia and Queensland in equal third and NSW and South Australia equal fifth.