South Australia has secured the second spot in the nation’s economic rankings for the September quarter, according to the latest CommSec State of the States report.
The result, released today, is an improvement on the previous release which put South Australia in third place. Only Victoria ranked higher than South Australia this quarter.
“South Australia’s economy has been holding up remarkably well in comparison to the rest of the nation, despite interest rates starting to slow the national economy. This is a good sign for the uncertain period ahead,” Treasurer Stephen Mullighan says.
The key driver behind this impressive ranking is South Australia’s robust job market, which currently stands as the strongest in the entire country. CommSec’s report highlights several key factors contributing to this economic surge.
One standout indicator is South Australia’s trend unemployment rate, which has reached a record low. It sits at 38.9 percent below the decade-average level.
The growth in employment has been another vital factor contributing to South Australia’s elevated economic standing. The state has recorded the strongest employment growth rate in the nation, with job numbers surging by an impressive 4.1 percent over the year up to September.
Beyond the labor market, South Australia has also excelled in other economic indicators. Notably, the state secured the second spot in housing finance commitments, reflecting a healthy real estate market. Additionally, it ranked third in both construction work done and relative population growth, further underlining the state’s economic vitality.
This significant upswing in South Australia’s economic ranking is not only a testament to its robust job market but also highlights the resilience and adaptability of the state’s economy.
It underscores South Australia’s ability to weather economic challenges and maintain its position as one of the nation’s economic powerhouses.
“Despite our relative strength, record breaking economic and labour market figures are likely to soften over the coming months as the economy continues its slowdown,” Mullighan says.
As South Australia continues to foster economic growth, this accomplishment will undoubtedly instill confidence among businesses, investors, and residents alike.
