South Australia’s economy is the second best performing in the nation, according to the latest CommSec’s State of the States report.
This follows South Australia being ranked the first in the nation in the previous three reports. The State of the States report published in January this year was the first time in the report’s 14-year history that South Australia had been ranked first in the nation.
The South Australian economy was ranked fifth in the nation at the time of the 2022 State Election.
According to CommSec, Western Australia overtook South Australia for the top spot in a “closely fought contest”.
Western Australia’s recent economic success follows a boom in their resources sector and a greater share of GST revenue, compared with other states. South Australia’s economy remains the leader among states that are subject to fair GST arrangements.
Among the eight indicators that CommSec assesses, South Australia was ranked first on economic growth and dwelling starts.
South Australia was also second for unemployment, with our unemployment rate currently 27.6 per cent lower than our decade average.
We were also second for construction work done, highlighting the strength of our residential construction sector in comparison to the rest of the nation.
As put by Stephen Mullighan
Maintaining second spot is a very positive sign for the South Australian economy.
While it’s disappointing to lose top spot to Western Australia in a close contest, it was always going to be difficult to compete given their current advantages.
In the face of a national economic slowdown, this report highlights that South Australia continues to outperform the rest of the nation.
