The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
FinanceLindsay SaundersSun 28 Jul 24

South Australian Economic Performance Tops Nation

A solid job market and construction activity has put South Australia at the top of the economic performance leaderboard, according to a new report.

For the third quarter in a row, SA has topped the CommSec State of the States report, just ahead of Western Australia.

The State of the States report assesses the performance of state and territory economies compared to the averages of the past decade or “normal”.

For each economy, the latest level of the indicator—such as retail spending or economic growth—is compared with the decade average.

South Australia was the most consistent performer, taking out the top spot on three of the report’s eight key economic indicators—relative unemployment, construction work done, and home starts.

Western Australia remained in the second spot and was fast closing in on first place, the report said, leading on relative population growth and home lending.

Victoria remained in third place with the ACT in fourth position.

The previously equal fourth-placed states of Queensland (now fifth), Tasmania (now sixth) and NSW (now seventh) all dropped down the leaderboard. The Northern Territory remains in eighth spot.

CommSec senior economist Ryan Felsman said that across the country, the economic performance of Australia’s states and territories was being supported by employment and population growth at a time of higher-than-desired price inflation.

null
▲ CommSec senior economist Ryan Felsman and Adelaide’s Rundle Mall.

“South Australia’s continued high-ranking is being driven by a solid job market and construction activity,” Felsman said.

“While South Australia retains first place, Western Australia is seeing the strongest annual economic momentum, so it will be interesting to see how this plays out in the coming quarters.

“Generally speaking, state economies have slowed as consumers respond to higher borrowing costs and price pressures. The future economic path will be dependent on the resiliency of the job market and interest rates.”

While South Australia ranked first on three indicators, its economy has lost momentum in recent months due to weaker consumer and business spending, while the West has the strongest annual economic momentum and appears primed to challenge for top spot in the next survey. 

The report also analysed annual growth rates across the eight economic indicators, revealing that Western Australia and Queensland are now in joint first place on this measure of economic momentum, followed by the ACT and Victoria in third and fourth.

OtherAdelaideAustraliaResearch
AUTHOR
Lindsay Saunders
The Urban Developer - News Editor
More articles by this author
linkedin icon
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
Without the $135.98-million injection it is claimed the Logan City Council would have had to stop approving new housing …
LATEST
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
2 Min
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
3 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/commsec-state-of-states-2024-sa