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With South Australia’s economic activity accelerating, the state has grown to become one of the most attractive places to live, work and raise a family, a new report has found.
The latest independent ANZ Stateometer revealed that SA economic activity is at its highest level on record, propped up by record-high housing activity, positive net interstate migration and a bustling consumer sector.
“Living in South Australia may have become more appealing, because of how well it managed the pandemic, apart from the November blip. As such, South Australia’s Stateometer housing component is the second strongest across the states, after Western Australia,” ANZ’s research reads.
The housing sector, in particular, was a key driver of economic growth, with data from the Housing Industry Association revealing year-on-year growth of 90.6 per cent in real estate transactions across the state — the highest of all the mainland states.
SA currently holds the highest per capita rate of HomeBuilder grants, with a total of 13,913 applications received, or 7.19 for every 1,000 of the population.
In contrast, Western Australia recorded 6.67, the ACT 6.59 and Victoria 5.25. The national average was 4.73.
South Australian Treasurer Rob Lucas said that the lift in building approvals will ultimately generate a flow-on growth effect, from residential real estate activity to employment levels.
“This pipeline of work is critical for the state’s strong ongoing economic and jobs rebound from COVID-19 and fuels further confidence in South Australia as an attractive place in which to live, invest and create jobs,” he said.
Data from the Australian Bureau of Statistics showed that total employment in SA now sits at 864,200 — with 43,000 jobs added in the last 12 months alone.
The state also recorded a 13.4 per cent increase in jobs since mid-April 2020 during the depths of the pandemic. This is the second-highest growth rate of all states, closely following WA with 13.5 per cent.
Further, ABS data revealed a drop in the state’s unemployment rate to 5.7 per cent, which means that the state no longer has the highest unemployment rate in the nation.
“Total employee wages grew 10.9 per cent in the corresponding period, above the national average 9.7 per cent and behind only WA and Victoria,” Mr Lucas noted.
“The Marshall government is investing $4 billion in economic stimulus over two years to turbocharge the state’s COVID rebound, and independent reports like this show our positive plan is working.”
Ultimately, SA is set for a bright future as its economic recovery stands better than most regions across the country, particularly in the housing and construction sectors, BankSA’s chief economist, Besa Deda, said.
“Adelaide was named Australia’s most liveable city [because] it is affordable, it has good infrastructure, it’s easy to get around, consumer confidence is elevated, and businesses are more optimistic,” Ms Deda concluded.
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