Latest economic figures show the state is outperforming the rest of the nation on a number of key indicators, including business conditions, business confidence, and growth in the number of small businesses.
South Australia is leading the pack in the latest ANZ Stateometer, maintaining top position on the national index on the back of the strongest rise in business conditions across all jurisdictions.
The influential quarterly survey measures economic performance across Australia’s states and territories, measuring annual growth relative to each jurisdiction’s trend growth rate. The survey for the September quarter found that, following a re-acceleration in economic momentum, our state recorded the fastest index growth relative to its long-run trend nationally for the third consecutive quarter.
Bank SA’s most recent State Monitor also reported that South Australia’s economy continued to outperform all other mainland states and territories as consumer confidence reached its highest level in four years.
These endorsements follow the Business Council of Australia’s recent Regulation Rumble report, which named South Australia the best place in the nation to do business for the third year in a row, with the most competitive tax, regulatory and planning settings in the country.
South Australia is also setting new records for employment, with the total number of people in jobs hitting more than a million, and the state recording the equal-lowest unemployment rate of all Australian state in the latest labour force figures.
This growth aligns with the delivery of South Australia’s Small Business Strategy 2023-2030, which is providing practical, targeted support to help small business owners to start and grow their enterprises.
And the appetite for growth is clear: since the Strategy’s launch in 2023, more than 16,200 small business owners have engaged with our programs, resulting in improved cash flow, revenue growth, increased exports and expanding workforces.
This development drives employment, which in turn generates more spending and economic activity, resulting in a more prosperous South Australia.
Despite challenging conditions over the past few years, South Australia’s economy continues to perform strongly. These achievements are a strong vote of confidence in our economy and the business conditions here in South Australia.
