South Australia’s economy has performed better than any other state in the country
South Australia’s economy has topped the country’s regional rankings for the first time in 15 years. This is according to the CommSec report. The document looked at the quarterly growth dynamics of each state.
CommSec is one of the divisions of the Bank of Australia that assesses year-on-year changes by region. It does this by comparing current data to a 10-year average.
The paper includes analyses of 8 vital economic indicators, including:
– real economic growth;
– unemployment rate;
– the construction sector;
– the number of new housing developments.
In the previous report, Victoria was the leading state in Australia. However, South Australia has managed to push it into second place. New South Wales is third, followed by Western Australia. The Capital Region is sixth, and Tasmania is fifth.
CommSec’s Craig James said that Australia has shown a stable position in the labour market. In addition, the country’s population is growing steadily, suggesting favourable living conditions. At the same time, economic indicators have slowed in response to the rise in interest rates. As a result, borrowing costs, consumer goods and commodity prices have risen.
In terms of South Australia’s success, the state has shown excellent development dynamics. Its population has tripled in the last two years. This factor has had a positive impact on the housing sector, with demand for buying and renting property increasing significantly. Experts have also noted growth in overall economic activity.
Review of indicators by state
South Australia performed best in 4 out of 8 indicators. The most important of these were the volume of construction work and the unemployment rate. Victoria outperformed the other state economies in three areas, including retail spending. It is also worth noting that Western Australia led the way in relative population growth. At the same time, Tasmania was the top performer in equipment expenditure. The analysis showed the highest retail spending in the Capital Region (ACT). Queensland led in mortgage lending. The Northern Territories performed well in terms of population growth.
Economic dynamism is an essential indicator of growth. Western Australia performed best on this measure. It is followed by Queensland and Victoria, with South Australia in 5th place.
Experts note that South Australia’s top ranking does not mean the region is free of problems. The state’s economy is still struggling due to rising inflation. In addition, other jurisdictions, such as Victoria, have also performed excellently.
