South Australia’s economy has shown resilience with the second-highest growth in State Final Demand for the September quarter of 2024, as reported by the Australian Bureau of Statistics. The 0.8 per cent quarterly growth places the state just behind the ACT in economic performance, a notable achievement in a challenging national landscape.
Private investment emerged as the driving force behind this result, increasing by 1.5 per cent, the second-highest growth rate in the country. This underscores South Australia’s ability to attract and sustain robust investment activity even as households face tightened budgets due to rising interest rates and inflationary pressures.
The state’s annual State Final Demand growth of 1.9 per cent outpaced the national GDP growth rate of 0.8 per cent, further highlighting its comparative economic strength. However, household consumption has shown signs of strain, reflecting broader challenges in managing the cost of living.
The positive momentum follows recognition from the Business Council of Australia, which recently named South Australia the best state in the nation for doing business. This endorsement affirms South Australia’s efforts to create a business-friendly environment, which continues to support its economic performance despite external pressures.
Treasurer Stephen Mullighan emphasised the significance of these achievements, noting that South Australia’s consistent performance is a testament to strong private investment and strategic economic planning. While acknowledging the impacts of national rate hikes and cost-of-living increases, Mullighan reiterated that the state’s trajectory remains comparatively strong.
South Australia’s robust performance is a promising signal of its ability to navigate economic headwinds while maintaining growth, positioning itself as a standout in the national economy.
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