South Australia is outperforming the rest of the nation with our COVID-19 economic rebound, recording the strongest jobs growth of every state, except Western Australia, since the pandemic’s low point of mid-April.
Employee wages have grown four times higher than the national level, while local consumers are rushing back to the shops, with latest ABS retail turnover data showing more than $2 billion was spent in July – a 14 per cent jump on the previous year.
In fact, SA’s consumer confidence is now at its highest level since December 2019 (latest Westpac-Melbourne Institute’s Consumer Sentiment Index), with strong retail turnover in household goods (up 30% in July), clothing, footwear and personal accessories (up 27%), in department stores (up 17%) and food (up 13%).
Treasurer Rob Lucas welcomed the series of independent economic reports released this week which show South Australia’s economy is performing relatively well compared with other states in its COVID-19 recovery.
“We are outperforming the nation in terms of our jobs rebound from COVID-19, with employment growth of 6.7 per cent since mid-April – the strongest of every other state, except Western Australia,” said Mr Lucas.
“National jobs growth for the same period was only 4.7 per cent.
“In the week ended August 22, employee wages in South Australia grew 0.8 per cent compared to the previous fortnight, four times the national growth of 0.2 per cent.
“The Internet Vacancy Index, which measures the total number of jobs advertised during July, rose 15 per cent, compared to 8.9 per cent nationally.
“And our State Final Demand figures, which reflect the value of spending in the domestic economy, while down due to COVID-19 were the best of all states for the June quarter.
“The Marshall Government is committed to supporting as many local jobs and businesses survive the greatest economic of our time, which is why we’ve committed $2 billion in economic stimulus measures including significant payroll and land tax relief.
“In fact, this week, we’ve announced a 6-month extension to our land tax relief scheme which supports landlords provide significant rent reductions for their residential and commercial SME tenants impacted by COVID-19 restrictions.
“While Labor is desperate to talk down our economy, we are focused on delivering for South Australians and it’s pleasing that several leading indicators show SA is performing relatively well and showing remarkable resilience during this period.”