SA stays on top in national survey
South Australia continues to lead the country in the latest ANZ Stateometer, recording the strongest above-trend economic performance nationwide in the latest survey released today.
The ANZ Stateometer is a set of composite indices recording economic performance across Australia’s states and territories, measuring annual growth relative to each jurisdiction’s trend growth rate.
The latest quarterly edition released on Friday July 3, declares that “SA continued to record the strongest index performance nationally”, having recorded the lowest unemployment rate nationwide in Q1, at 3.9% (vs 4.2% nationally), while the May rate of 4.2% remains below the national average of 4.4%.
This is the fifth quarter that SA has recorded the highest economic performance above its long-run trend in the nation.
The snapshot declares that “housing remains a bright spot” for the South Australian economy, with the state’s housing index improving in Q1, and the series remaining above its long-run trend.
State Final Demand rose 0.5% quarter on quarter in Q1, on the back of a strong 1.1% q/q rise in Q4. On an annual basis, South Australia’s SFD growth is up 3.8% year on year in Q1 (versus 3.5% nationally), above the state’s decade average of 3.0% y/y.
It follows last month’s state budget forecasting budget surpluses across the forward estimates, with global ratings agencies praising the state’s economic performance and endorsing the Malinauskas Government’s prudent fiscal management.
Quotes
Attributable to Tom Koutsantonis
South Australia continues to lead the way in the influential quarterly ANZ Stateometer.
We are once again top of the pack, recording the strongest above-trend economic performance nationwide in the latest survey.
It’s the fifth straight Stateometer survey in which South Australia has recorded the highest economic performance above its long-run trend in the nation.
It yet again reinforces what we have heard across several recent economic snapshots, including from the Business Council of Australia – that SA is a strong, stable economy and a great place to do business.
The survey overall does sound notes of caution, with global uncertainty and recent rate hikes, but that underpins why stable, prudent fiscal management is crucial to ensuring we retain a reputation as a state with strong economic credentials that welcomes investment.