How South Australian Economy can Lead the Nation
About $223.513 billion estimated output is generated from the South Australian economy. Moreover, SA’s strong jobs market generates 5.8% of the $3.885 trillion generated in the country.
The manufacturing industry represents the highest annual economic input in South Australia of 18.59 percent in total output. In other words, the manufacturing industry generates an estimated production of $42 Billion.
In this regard, Adelaide city generates the highest revenue for the state through Financial and Insurance Services.
A little about South Australia
South Australia is the state of south-central Australia that occupies the barren parts of the continent. However, the southern fringe of South Australia state comprises watered and fertile lands, and the majority of the population thrives here.
The population of the South Australian community comes from 200 countries and is related to 100 religions. It diversifies the official language of Australia into many categories. The main types of languages other than English spoken at home in South Australia include Italian, Mandarin, Greek, Cantonese, Punjabi, Vietnamese, Arabic, German, Spanish, and Polish.
Western Australia bounds the South Australia location to the west, Northern territory to the north, New South Wales and Victoria to the west, and Queensland to the north and east. Adelaide- which is the capital of South Australia – lies on the southern coast.
It is the only state that shares a border with other Mainland states.
South Australia is full of mystery; however, very few know about it. Such as,
- It occupies one-eighth of the continent’s total land area.
- It is the fourth in size among the eight states and territories.
- Makes up less than five percent of the country’s population.
- Has solid commercial links with Melbourne and Sydney.
- It is referred to as the “Festival State.”
- The people are sometimes known as “Crow Eaters.”
- Its Coober Pedy mine is the largest producer of Opals.
- It is the home of peaceful religious sectarianism in Australia, by far the largest in the country!
- It is the home to Ben Murray- a known South Australian who served in World War I at Gallipoli.
- Lake Eyre, the world’s largest salt lake, is located here.
- Shares border with all the mainland states as well as the Northern Territory.
- It is the home to Kangaroo Island. It is the third-largest island in Australia.
South Australia, therefore, certainly adds allure to the interesting facts about Australia.
South Australian Population and Industries
South Australia’s relative population growth lies in a consistent range between 0.24 per cent to 1.22 per cent. That means there is an addition of 4,000 to 20,000 people each year to the population.
Overall, the population growth in South Australia is relatively low compared to the other states. Additionally, South Australian population density ranks sixth in the country, with 1.62 people per kilometer. It is an indication of the low population density of South Australia.
According to recent strong jobs data by the Australian Bureau of Statistics, the majority of occupations include
- Clerical and Administrative Workers.
- Technicians and Trade Workers.
- Community and Personal service workers.
- Sales Workers.
- Machinery Operators and
It is interesting to see that Professionals account for 5 percent of the leading industries but take up to 19.6 percent of the main occupations. Therefore, the Festival State shows the highest ranking of economic diversity in Australia than its neighboring counterparts.
Speaking of Industries, South Australia has quite a few notable mentions. That includes,
- Health Care and Social Assistance.
- Retail Trade.
- University Education and Training.
- Public Administration and Safety.
- Accommodation and Food Services.
- Professional, Scientific, and technical services.
- Translation Service in Australia.
- Postal and Warehousing.
South Australia Economy Performance
Even with low population growth and density, South Australia employs more than one-third of SA workers, contributing $35 Billion to SA’s strong jobs market.
Greater Adelaide is South Australia’s core for unlocking the economy. It contributes 80 per cent of the Gross State Product.
On 27.01.2021, A CommSec’s State report puts South Australia in a joint third position showing SA’s improving position in dwelling commencements, unemployment, construction work, housing finance, and investment.
The States economic report further stated SA’s relative population growth in the year to the June quarter was the second strongest. That’s 11.9 per cent in over a decade average.
Additionally, in line with further evidence, the CommSec jobs report puts South Australia in the second spot regarding the unemployment rate of 6.4 per cent. That’s one per cent above in over a decade average.
Treasurer Rob Lucas welcomed the report with positive signs saying, “Clearly there is positive momentum and sentiment here in South Australia due to our state’s handling of the health response to the global pandemic as well as our economic response, which has been a joint effort by the South Australian community at large, along with businesses and governments.”
Mr. Lucas also pointed to further positive signs that show SA’s improving position from Covid storm remarkably.
According to Mr. Lucas, “This report comes hot on the heels of recent strong jobs data from the ABS and the Deloitte Access Economics Business Outlook report which showed that South Australia had weathered the COVID storm remarkably well to date,”
Even if the impact of COVID in Australia is considerably less, it impacts the population of Australia as a whole.
How will the South Australian Economy lead as the ongoing economic recovery continues?
The South Australian Government is diving deep to find a better economic response at regional, industrial, and firm levels by identifying and providing policy reforms, projects, and programs to determine success and improvements.
Analytical tools and capabilities are currently in development by the South Australian Government to generate insights and performance evaluation using pooled and integrated strong data in a shared environment that is safe and secured.
In light of recent measures, the following projects will help SA’s strong recovery from the global pandemic and bring as many jobs to stay ahead of the pandemic.
1. SA Business Longitudinal Data Integration.
Through the Longitudinal Data Integration project, SA will utilize Datasets from Public Administrative records to better understand the employment and industry performance in the state.
This project will integrate data from several governmental and not for profits sources, including a joint effort from the Australian Bureau of Statistics and State Government datasets.
The project will use these data sources as a piece of evidence to power economic development reforms and policies, such as
- Industry growth pattern.
- Characteristics of high performance, high growth firms in the state.
- Effect of state-based taxation.
- External factors that impact the development of the state.
2. SA Business Research Environment
This project seeks to involve state administrative data involving Return to Work SA, Revenue SA, and various line agencies of South Australia.
It expects that the project will enable South Australian Government to,
- Identify trends in South Australian Business and labor markets.
- Provide essential information in Management.
- Use business-based datasets.
- Provide insights for future economic policy.
3. Unlocking South Australia’s Resources, Energy and Renewable Assets.
South Australia has abundant resources, geoscience initiatives, and regulatory frameworks.
By investing in development and exploration and leveraging the activity generated by mining and energy, the state aims to create jobs, reduce unemployment, increase global business and intellectual property opportunities.
At present, a report puts SA in the second spot in terms of unemployment after ACT. Moreover, the country attracts small and big businesses and industries because of favourable economic policies. These businesses are always in search of the financial translation service to target the local market.
The report also predicts South Australia to rank fourth in construction and fifth in business investment; the state is either sixth or seventh in every other economic indicator, such as retail spending, equipment investment, housing finance, and dwelling commencement.
4. Wine Export
The global demand for high-quality wine combined with safety, security, and product integrity opens significant opportunities for South Australia. SA’s iconic food and beverage products cement their international reputation as a quality food producer.
According to a report, the demand has increased ten folds since the dawn of the pandemic. By maximizing value-added and differentiated food production, South Australia can show further positive signs on economic ranking and GDP profits significantly, with Asia being the center focus.
5. A recognized leader in Health research, aging and similar services
South Australia is the forerunner in developing innovative solutions and in equipment investment that ensure successful health response, well-being, and advance productivity across life courses for its citizens. SA can create a leading business around this market.
In light of a recent report, the South Australian Health and Biomedical precinct will be the largest in the southern hemisphere. By optimizing research, training, teaching, and clinical services, South Australia will deliver world-class healthcare services to help develop new industries.
6. Attracting a diverse student body and research commercialisation.
Collaboration and co-investment between local and global bodies will drive SA’s strong recovery in positive momentum. South Australia is a place of knowledge creation and innovation, particularly in mining, resource, and defense.
The country will enjoy knowledge sharing and collaboration through appropriate University infrastructure, dwelling commencements, and research institutes to facilitate commercialization.
Alongside, South Australia will attract an increasing number of international students to undertake science, technology, engineering, or math to retain a rich pool of talented people.
7. A growing destination choice for travellers
South Australia’s unique and compelling landscape has a story to tell. Re-engaging in the tourism sector will employ more than 30,000 people in different jobs throughout the region.
Moreover, South Australia can enjoy an economic benefit of $5.2 billion. By ensuring that visitors can enter the state efficiently and safely, Australia can expect an economic boom in the coming years.
8. Promoting International connections and engagement
By promoting South Australia’s international connections, exports, and alliances, Australia’s economic prosperity will recover.
By attracting FDI (Foreign Direct Investment), the South Australian economy will build a proud history of multiculturalism, new ideas, cultural connections, and capital.
9. Giving Small Business access to capital and global markets
With more than 140,000 businesses in South Australia, the state’s handling of the economy’s growth, diversity, and resilience depend on the small business thriving.
Small Australian workplace culture is the highest ranking effective engine in job creation and reducing unemployment for the local economy.
Small business is the highest ranking effective engine in job creation and reducing unemployment for the local economy. In return, it will accelerate the transition of the state’s small business towards global, niche, and competitive opportunities.
In collaboration with banks and market researchers, small businesses and governments will help identify domestic and international markets and secure capital that will accelerate Australia’s economic stimulus in the coming decade.
Significant Payroll Tax Relief
In line with the state’s economic report, Treasurer Rob Lucas welcomed the Marshall government. We quote, “We know there is much more to be done to ensure our ongoing economic recovery continues in 2021, and that’s why the Marshall Government is doing everything in its power to save as many jobs and businesses as possible during this challenging time, investing a record $4 billion in economic stimulus – including an extension of $10,000 cash grants for small businesses and not for profits, and significant payroll tax relief and land tax relief.”
The Marshall Government has welcomed the report that shows further evidence of SA’s improving position and joint third position in dwelling commencements, equipment investment, unemployment, construction work, and housing finance in the coming decade.
The Payroll and Land Tax relief reform serves as further evidence that shows SA’s improving position to be the nation’s economic leader.
South Australia Economic Recovery from Covid-19
South Australia Economic recovery seems to be in good shape, with reports of coronavirus restricted to one per two weeks. The state appears to be ahead and winning the race of recovery from the pandemic.
There is no denying that the global outbreak has left ongoing health implications, but many countries report that the economic effect will last for many years.
However, South Australia is not alone; every state and territory has increased recent measures to keep the people in jobs and subsidize wages for those who don’t have work to emerge strongly in this challenging time. Some states expect to suffer more than others. However, there is a silver lining for South Australia.
It is because South Australia does not rely on industries that are going to take the biggest hit.
According to a report, in the June quarter, the unemployment rate rose from 5.7 per cent unemployment rate to 6.7 per cent unemployment rate in just 12 months, another factor behind its low ranking, which is 1 per cent above the decade average.
Independent economist Saul Eslake commented that South Australia’s potential strong position was a “backhanded compliment” of the state. It is something that they should attempt to capitalize on in the future.
Thereby, when Australia saw the local economy product rate increase by 2.89 per cent each year, even as the ongoing recovery continues, South Australia’s annual growth retained 1.39 per cent. Having a lower growth rate is not something to brag about, but it might be why SA might emerge strongly from the global pandemic.
Additionally, Mr. Eslake pointed out, “Australia’s record-breaking run of economic growth largely owed an awful lot to three things.”
- “Number one, rapid population growth fuelled by immigration.
- Number two, piggybacking on China’s rapid economic growth, industrialization, and urbanization.
- “And three, the housing finance boom.”
Mr. Eslake continued, “One of the reasons why South Australia lagged [behind] the rest of the country over this period was that it derived less benefit from each of these three things.”
To put it simply, since South Australia started in the lower base, and as the ongoing economic recovery continues, the state did not have to fall too far in a decade average.
Frequently Asked Questions
1. Is South Australia’s economy stable?
Through 2021 and the first half of 2022, South Australia’s economy overgrew, but there are now indications that this development may be declining. Future growth possibilities are limited by the economy’s current proximity to “full employment,” which hampers future expansion.
2. What makes South Australia special?
In addition to an infinite quantity of wine, South Australia is home to various landscapes. From expansive rural hills blanketed in lush vegetation, the location of family-run farms and artisan vineyards. to pristine shores with fine, white sand and fantastic water sports.
3. Who controls South Australia?
The British Westminster form of parliamentary government serves as the model for the South Australian Assembly. An alliance or party with a majority of members in the Assembly house forms the government (the combination of parties to form a majority).
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