In the period of the start to end of Australia’s China-fuelled resource investment spending boom the two (make that multi) speed growth nature of the economy has been a popular theme. When mining resource investment spending was growing at its strongest pace early in the decade Western Australia, Queensland and Northern Territory boomed and provided the main support for Australian economic growth. The sharp decline in mining resource investment over the past two years has seen pronounced weakening in the pace of economic growth in just about all states outside of New South Wales and Victoria. The change in the relative economic fortunes of Australia’s states and territories has been very pronounced over the past year and one issue is whether the relative strength in New South Wales and Victoria can continue to more than offset the relative weakness elsewhere.