The SA Government has reported that South Australia has seen a significant increase in the number of businesses. Since the 2022 State Election, there are over 13,000 new businesses now operating within the state. This growth in the business sector continues despite national increases in business insolvencies.
The latest quarterly data from the Australian Bureau of Statistics (ABS) shows a net growth of 2,400 businesses in South Australia for the September quarter of 2024 alone. This is an addition to the 5,200 businesses that were established over the past year. This steady growth comes at a time when the Australian Securities and Investments Commission (ASIC) has noted a rise in business insolvencies across the country. Despite this backdrop, South Australia has marked itself as a thriving hub for new businesses, notably in Adelaide which has been identified by CreditorWatch as the capital city with the lowest risk of business insolvencies in Australia.
Further strengthening the state’s reputation as a business-friendly environment, the Business Council of Australia recently rated South Australia as the top place in the nation to do business for the second consecutive year in its Regulation Rumble report. The report praised the state’s payroll system as the best in Australia. Additionally, the latest CommSec State of the States report has positioned South Australia as the top-performing economy for three consecutive quarters, trailing only behind Western Australia.
Treasurer Stephen Mullighan spoke about the resilience and growth of the business sector amidst challenges. “Despite difficult operating conditions due to rising costs and softening demand, businesses continue to open in South Australia,” said Mullighan. He continued, “It is very promising to see our state continue to show strong growth in the number of businesses operating here. South Australia is the best place in the nation to do business, according to the Business Council of Australia and this data confirms that assessment.”
This positive trend in business growth contributes to the broader economic health of South Australia, providing jobs and strengthening community services through business activities.
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