South Australia’s economy has been ranked the second best in the country, according to the latest CommSec State of the States report. The state shares this spot with Queensland, while Western Australia holds onto the top position for the second time in a row.
This follows a standout achievement last year when South Australia was ranked first for three consecutive reports. It was the first time the state had ever taken the top spot, excelling in four of the eight key areas used to measure economic performance.
One of SA’s strongest points is its real economic growth, which is up 8.4% above the decade average. The state also ranks second in both unemployment and new housing starts, showing good performance in the job market and housing construction. South Australia also ranks second in the amount of construction work done, which has increased by 15.4% over the past decade, demonstrating the strength of its construction sector.
“It’s pleasing to see our state’s economy maintain second position on the leader table, in what CommSec has described as a closely fought contest,” Treasurer Stephen Mullighan says.
The positive result follows the Business Council of Australia ranking South Australia the best place in the nation to do business, according to the Australia’s Regulation Rumble report, released in December last year. The report evaluates each state and territory based on different business-related factors, with South Australia coming out on top, ahead of Tasmania and the Australian Capital Territory.
The report looks at areas like payroll taxes, property taxes, planning systems, and business licensing. South Australia scored well in these areas, earning high marks for the efficiency and transparency of its planning systems, as well as its payroll tax rates and property taxes.
Overall, South Australia remains one of the nation’s top economic performers, consistently ranking high in key areas.
