South Australia has recorded the second highest growth in the nation for State Final Demand during the September quarter of 2024.

South Australia’s economic activity in the September quarter grew by 0.8 per cent, according to the latest data from the ABS. This was only beaten by the ACT.

The strong result in the quarter was driven by strong growth in private investment, growing by 1.5 per cent, the second highest in the nation.

Today’s data follows the Business Council of Australia yesterday naming South Australia as the best place in the nation to do business.

Through the year, South Australia’s State Final Demand grew by 1.9 per cent, while nationally, GDP grew by 0.8 per cent.

While there were positive results for public and private investment in South Australia, household consumption in South Australia was weak, with households reducing spending as higher interest rates and inflation bites.

Quotes

Attributable to Stephen Mullighan

Once again, South Australia’s economy continues to perform strongly compared to the rest of the nation in the quarter on the back of strong private investment figures.

Today’s result follows South Australia being ranked the best place in the nation to do business by the Business Council of Australia.

This data shows that the national economy is slowing in response to rate hikes and the increased cost of living and that South Australia has not been immune.