Employment figures for SA were particularly strong. Photo: Thomas Lucraft.
The latest CommSec State of the States report shows South Australia’s economy is now ranked second in the nation for the September quarter.
The result is an improvement on the previous release which put SA in third place. Only Victoria now ranks higher.
The result was driven by South Australia’s impressive job market – the strongest in the nation.
CommSec noted the unemployment rate was at a record low and 38.9 per cent below the decade-average level.
SA’s growth in employment was also the strongest in the nation, with the number of jobs growing by a nation-leading 4.1 per cent through the year to September.
“There have been enough jobs created under the Malinauskas Labor Government to fill Adelaide Oval,” SA Treasurer Stephen Mullighan said.
“It is great that CommSec have recognised South Australia’s job market as the best in the nation.
“South Australia’s economy has been holding up remarkably well in comparison to the rest of the nation, despite interest rates starting to slow the national economy. This is a good sign for the uncertain period ahead.
Retail spending was a weakness for SA. Image: CommSec.
“Despite our relative strength, record breaking economic and labour market figures are likely to soften over the coming months as the economy continues its slowdown.
“However, record levels of work in the pipeline should give South Australian businesses and workers comfort that any slowdown will be short-lived.”
South Australia also ranked well on housing finance commitments (second), construction work done (third), and relative population growth (also third).
The report measures the performance of states and territories across eight indicators: economic growth, retail spending, equipment investment, construction work, population growth, housing finance and dwelling starts.
