The national economy is slowing, but South Australia’s economy is holding up in comparison to the rest of the nation, according to the ANZ Stateometer report for the March quarter of 2023.

While all jurisdictions saw a slowdown in economic activity, the ANZ Stateometer index reveals SA’s slowdown has been less severe.

ANZ notes that the health of South Australia’s businesses, as measured by both AiG’s Industry Index and NAB’s Business Survey, is faring better than the national average.

South Australia’s employment, goods exports and retail spending growth is stronger than the national averages.

The report also notes the most recent CPI figures showed slower quarter on quarter growth in Adelaide’s prices than the average of the rest of the capital cities, showing inflation was easing faster than the rest of the country in the March quarter.

ANZ cited the strength of South Australia’s housing market as a factor in our relative economic strength with house prices in Adelaide holding up better than the rest of the nation.

Quotes

Attributable to Stephen Mullighan

The ANZ report is yet another endorsement of our state’s economic performance.

Our economy is holding up in the face of significant global and national economic headwinds, with employment, construction activity, business investment, population growth and exports all still at or near record levels.

South Australia approaches a period of global and national uncertainty with the strongest economy on record.