South Australia’s economy is maintaining its position of strength, with a new survey showing business confidence is now the equal highest in the nation.

The ANZ/Property Council Survey for the June quarter revealed SA recorded the largest increase in property industry confidence of all the states. We are now tied with Western Australia for the top spot. The survey also found:
*SA has the second highest expectations for state economic growth - one of the few states expected to remain positive;
*SA’s State Government performance remains strong, with State Government performance ranked second in the nation, only behind Western Australia.
The 2023-24 State Budget included a $474.7 million housing package to help increase supply including abolishing stamp duty for first home buyers when they purchase a new home valued up to $650,000.

The ANZ/Property Council Survey is the latest positive report card for SA’s economy.

Business SA’s Survey of Business Expectations showed SA business confidence rising in the March quarter 2023, despite falling nationally. The survey noted the impact of the AUKUS announcement and major events such as the VAILO Adelaide 500, AFL Gather Round and LIV Golf.

NAB’s Quarterly SME Business Survey for the March quarter showed an improvement in confidence in SA despite a deterioration nationally. Its Monthly Business Survey for May showed confidence improved in SA but fell in all other surveyed states, in seasonally adjusted terms.

Quotes

Attributable to Stephen Mullighan

This is another encouraging result for South Australia which shows our economy remains strong even in the face of national downturns.

But this is not the time for complacency. The full impact of the RBA’s rate rises is yet to flow through, and our record employment figures are unlikely to hold.

It’s important we continue to support businesses and invest in opportunities to grow jobs and our economy to ensure we enter this period of economic uncertainty from the strongest position possible.