Despite a challenge from New South Wales, Tasmania has retained its crown as the best performing economy in Australia.
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For the 12th time in the previous 14 quarters, Tasmania ranked first in CommSec's July State of the States Report.
Tasmania was followed closely by NSW, and SA and Queensland were also catching up, while Tasmania's population growth was slowing.
Premier Jeremy Rockliff said the report was "fantastic news for our state".
"But, Tasmania is not immune from the global and national economic headwinds," he said.
"That's why the changes I've announced over the past week are so important, because businesses need confidence, Tasmanians need certainty, and that's what I will deliver."
Treasurer Michael Ferguson said the government was grateful for what it had achieved through partnerships with businesses and policy.
"Labor will try again attempt to cherry pick and play politics, but the reality is that according to CommSec, Tasmania's economic performance continues to lead the nation, and Tasmanians are better off on every metric under the Tasmanian Liberal government.
"Under Labor, Tasmania was dead last."
Labor economic development spokesperson Dean Winter said the CommSec report did not paint an accurate picture of the state Tasmania was in.
"If the Premier thinks the Tasmanian economy is going well then he should probably get out more and talk to Tasmanians struggling with the soaring cost of living," he said.
"And if he thinks the latest CommSec State of the States is good news for Tasmania, then he's clearly determined to ignore the increasing number of alarm bells being raised about the state of our economy.
"In addition to comparing Tasmania's current economic performance with the last 10 years of Liberal government, the CommSec report has confirmed Tasmania has the 'slowest growth' of any state or territory."
Mr Winter said that "Tasmania is clearly going backwards".
"After 10 years of Liberal government, and with the state now on the verge of recession, Tasmanians today are wondering how much longer they can afford Jeremy Rockliff."
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