The latest CommSec State of the States report shows SA’s economy is now ranked second in the nation for the September quarter.
The result, released today, is an improvement on the previous release which put SA in third place.
Only Victoria ranked higher than South Australia this quarter.
The result was driven by South Australia’s impressive job market – the strongest in the nation.
CommSec noted our trend unemployment rate is 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.
South Australia also ranked well on housing finance commitments (second), construction work done (third), and relative population growth (also third).
As put by Stephen Mullighan
There have been enough jobs created under the Malinauskas Labor Government to fill Adelaide Oval.
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.
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.
