A national survey of the Australian economy has revealed that during the March quarter this year South Australia’s economy has held up in comparison to the rest of the nation.
Using the ANZ Stateometer for the findings, the bank revealed that while all jurisdictions in the nation were suffering with a slowdown in economic activity, “SA’s slowdown was less severe”.
“ANZ notes that the health of South Australia’s businesses, as measured by both AiG’s Industry Index and NAB’s Business Survey, is faring better than the national average,” the bank said.
“South Australia’s employment, goods exports and retail spending growth is stronger than the national averages.”
It said the report also noted that the most recent CPI figures showed slower quarter-on-quarter growth in Adelaide’s prices than the average of the rest of the capital cities, showing inflation was easing faster than the rest of the country in the March quarter.
ANZ cited the strength of South Australia’s housing market as a factor in its relative economic strength with house prices in Adelaide holding up better than the rest of the nation.
Welcoming the report, the State’s Treasurer Stephen Mullighan said the ANZ report was yet another endorsement of the State’s economic performance.
“Our economy is holding up in the face of significant global and national economic headwinds, with employment, construction activity, business investment, population growth and exports all still at or near record levels,” Mr Mullighan said.
“South Australia approaches a period of global and national uncertainty with the strongest economy on record,” the Treasurer.
