ANZ described the SA economy as “the standout performer in the June quarter”.
SA was the only region to remain above its long-run trend for economic momentum, despite slowing locally and nationally on the back of interest rate rises.
This above trend momentum came as South Australia topped the nation for growth in State Final Demand for the quarter of 1.3 per cent (in seasonally adjusted terms), well above national growth of 0.7 per cent.
ANZ’s report follows recent statistics showing record levels of business investment in South Australia, hitting $16.7 billion in the year to the June quarter.
Business investment in South Australia is now almost 30 per cent higher than before the pandemic, the fastest growth of all states. It was also 13 per cent higher the state election, the fastest pace of growth in the nation over this period.
The ANZ Stateometer report joins the HIA, the Property Council and the Business Council of Australia in ranking South Australia as the top performer, according to their respective reports measuring building activity, confidence and operating conditions.
As put by Stephen Mullighan
This is another strong result for South Australia and further evidence our economy is performing better than the rest of the nation.
While household spending and business investment remain robust, supporting our above-trend momentum, interest rate rises are undoubtedly starting to hit as growth begins to decelerate.
The Malinauskas Government’s record pipeline of work through projects like the North-South Corridor, the new Women’s and Children’s Hospital and the AUKUS submarines, should provide ongoing confidence during a time of economic uncertainty.
