South Australia’s economy is the only one to consistently outperform the rest of the nation over the past few years, according to a new report.

ANZ today released its Stateometer report for economic performance across the nation in the December quarter 2023.

The report noted that the SA and WA economies “lead the way”, with both states showing accelerating economic performance through the quarter.

ANZ said the SA economy “accelerated and is operating above trend” thanks to large rises in the consumer and housing components measured by ANZ.

The report also noted a “sense of optimism in SA” and follows a rise of 13.1 per cent in consumer confidence in the December quarter, according to the Westpac-Melbourne Institute survey.

It’s one of a number of reports recognising the strength of SA’s economy. In 2022-23 we recorded the fastest economic growth of all states, and for the first time ever, the CommSec State of the States report ranked our economy number one in the nation.

SA’s unemployment rate remains at near record lows at 4.0 per cent, below the national average of 4.1 per cent. Almost 40,000 more people are employed now than at the time of the state election in March 2022. Almost 66 per cent of these jobs are full-time.

While South Australia continues to demonstrate strength relative to the rest of the country, the looming slowdown in economic activity is beginning to show in the data, with overall local and national economic growth slowing in the December quarter.

Quotes

Attributable to Stephen Mullighan

The government has made it a priority to support the economy through major infrastructure projects, building more housing, cutting taxes and attracting major events. This report shows it’s working.

Government investment in the economy is beginning to ramp up at the right time to provide a solid level of support through the period ahead.