South Australia's economic growth best in the nation, latest ANZ survey
Wednesday, 21 August 2019
The State Government has welcomed the latest in a string of positive independent surveys confirming South Australia’s standout strong economic growth, with the latest ANZ Stateometer revealing SA’s economy is the best performing in the country.
The survey, released last night, shows SA was the only state or territory to record “above trend and accelerating growth’’ in the June quarter.
The state’s burgeoning $90 billion defence industry, an $11.9 billion pipeline of major infrastructure projects, relative housing affordability and strong employment growth – with a record female workforce participation rate - had underpinned the strong results.
“SA was the only state to sit in the upper right quadrant of the ANZ Stateometer*,” the report states.
“The strength of the economy seems to have enticed more into job hunting, with the female workforce participation rate at a record high.”
It follows similar positive results from the NAB Monthly Business Survey which revealed rising South Australian business confidence in July – with local businesses now the most confident in the nation in trend terms (+6 index points).
These results mirrored the positive findings of a recent BankSA State Monitor survey (July), which also showed that SA business confidence remains strong.
Treasurer Rob Lucas said it was further evidence of the Marshall Government’s sound economic policies and “dispels any myth of economic ‘doom and gloom’ being pedalled by our political opponents who seem intent on talking South Australia’s economy down’’.
“Here we have three well-respected independent surveys comprehensively pointing to a strong South Australian economy, strong business confidence and, in the case of the ANZ - our economic activity the best performing in the nation,’’ said Mr Lucas.
“We are forging ahead with our sound economic policies, including payroll tax cuts, millions in land tax and ESL bill reductions and a significant $11.9 billion infrastructure program creating a pipeline of jobs.
“The job impact of the $90 billion in defence industry related work will also start to be felt by the end of the year, which bodes well for our future economic and jobs growth.”
*ANZ Stateometer June quarter