South Australia’s economy has recorded the highest growth in the country, according to the Australian Bureau of Statistics.

New figures show SA’s State Final Demand grew by 1.3 per cent in the June quarter, putting SA at the top of the list, equal with Queensland, and well above the national growth rate of 0.7 per cent, in seasonally adjusted and chain volume terms.

State Final Demand is a key component of economic growth figures, reflecting consumption on goods and services (including imports) and capital investment.

Today’s result was driven by strong growth in capital expenditure by both the public and private sector, with gross fixed capital formation growing by 7.5 per cent and 2.6 per cent, respectively.

This brought SFD growth within South Australia to 1.7 per cent through the year.

Nationally, Gross Domestic Product grew by 0.4 per cent in the quarter and 2.1 per cent through the year.

Last week, South Australia recorded the strongest retail turnover of all the states, as well as the strongest growth in new home sales of any state.

Quotes

Attributable to Peter Malinauskas

This is another strong result for South Australia’s economy, which is consistently punching above its weight on the national stage.

We recorded significant growth in the June quarter on the back of public and private investment in the economy.

It shows South Australia’s economy is holding up in the face of economic headwinds, which should give South Australians confidence coming into this period of uncertainty.