How South Australian Economy can Lead the Nation

About $223.513 billion estimated output generates from the South Australian economy. Moreover, South Australia 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.

How South Australian Economy can Lead the Nation

How South Australian Economy can Lead the Nation

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 South Australia 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. 

A little about South Australia

South Australia is full of mystery, however very few know about it. Such as,

  • Occupies one-eight of the continent’s total land area. 
  • 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”.
  • People are sometimes known as “Crow Eaters”.
  • Coober Pedy mine is the largest producer of Opals.
  • 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 as well as the Northern Territory. 
  • Is the home to Kangaroo Island. It is the third-largest island in Australia.
South Australia,

South Australia, therefore, certainly adds allure to the interesting facts about Australia. 

South Australian Population and Industries

South Australia’s Population lies in a consistent range between 0.24 percent to 1.22 percent. 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 the Australian Bureau of Statistics, the majority of occupations include 

  • Professionals.
  • Clerical and Administrative Workers.
  • Technicians and Trade Workers.
  • Managers.
  • Laborers.
  • Community and Personal service workers.
  • Sales Workers.
  • Machinery Operators and 
  • Drivers

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 a higher margin 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.
  • Manufacturing
  • Education and Training. 
  • Construction
  • Public Administration and Safety.
  • Accommodation and Food Services.
  • Professional, Scientific, and technical services.
  • Translation Service in Australia.
  • Transport.
  • Postal and Warehousing. 

South Australia Economy Performance

Even with low population growth and density, South Australia employs more than one-third of SA workers, thereby contributing $35 Billion to the state’s economy. 

Greater Adelaide is South Australia’s core for unlocking the economy. It contributes 80 percent of the Gross State Product.

A CommSec’s State of State report released on 27.01.2021 ranked South Australia in a joint third position showing SA’s improving position in dwelling commencements, unemployment, construction work, housing finance, and investment. 

South Australia Economy Performance

The report further stated SA’s population growth in the year to the June quarter was the second strongest. That’s 11.9 percent in the decade average. 

Additionally, in line with recent measures, the  CommSec jobs report put SA in the second spot regarding the unemployment rate of 6.4 percent. That’s one percent above the decade average.  

Treasurer Rob Lucas further 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”

How will the South Australian Economy lead the nation?

The South Australian Government is diving deep to find better solutions 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 data in a shared environment that is safe and secured. 

The following projects from South Australia will help drive the economy,

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 sources, including the Australian Bureau of Statistics and South Australia Government datasets. 

The project will use these data sources as a piece of evidence for forming 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 state.
SA Business Longitudinal Data Integration.

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.
SA Business Research Environment

3. Unlocking South Australia’s Resources, Energy and Renewable Assets.

South Australia has abundant resources, geoscience initiatives, and regulatory frameworks. 

By supporting development and exploration and leveraging the activity generated by mining and energy, the state aims to create jobs, global business, and intellectual property opportunities.

Unlocking South Australia’s Resources, Energy and Renewable assets.

4. Wine Export

The global demand for high-quality wine combined with safety, security, and product integrity opens significant opportunities for South Australia. SA’ iconic food and beverage products cement their international reputation as a quality food producer. 

The demand has increased ten folds since the dawn of the pandemic. By maximizing the production of value-added and differentiated food, South Australia can increase Australia’s economic ranking and GDP ranking significantly, with Asia being the center focus. 

Wine Export

5. A recognized leader in Health research, aging and similar services

The global demand for high-quality wine combined with safety, security, and product integrity opens significant opportunities for South Australia. SA’ iconic food and beverage products cement their international reputation as a quality food producer. 

The demand has increased ten folds since the dawn of the pandemic. By maximizing the production of value-added and differentiated food, South Australia can increase Australia’s economic ranking and GDP ranking significantly, with Asia being the center focus.

A recognized leader in Health research, aging and similar services

South Australia is the forerunner in developing innovative solutions that ensure successful aging, well-being, productivity across life courses for its citizens. SA can create a leading business around this market. 

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 that will help develop new industries.

6. Attracting a diverse student body and research commercialisation.

Collaboration and co-investment between local and global bodies will drive the development of Australia. 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 infrastructure, facilities, 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.

Attracting a diverse student body and research commercialisation.

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.

A growing destination choice for travellers

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.

Promoting International connections and engagement

9. Giving Small Business access to capital and global markets

With more than 140,000 businesses in South Australia, the state’s economy’s growth, diversity, and resilience depend on the small business thriving. 

Small business is the effective engine in job creation. In return, it will accelerate the transition of the state’s small business towards global, niche, and competitive opportunities.

Giving Small Business access to capital and global markets

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 economy in the coming years. 

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 winning the race of recovery from the pandemic. 

There is no denying that the global outbreak has left ongoing health implications, but many countries predict that the economic effect will last for many years. 

However, South Australia is not alone; every state and territory has increased economic measures to keep the people in jobs and subsidize wages for those who don’t have work. 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.

Independent economist Saul Eslake commented that South Australia’s potential strong position was a “backhanded compliment” of the state, and it is something that they should attempt to capitalize on in the future.

Thereby, when Australia saw the domestic product rate increase by 2.89 percent each year, South Australia’s annual growth retained 1.39 percent. Having a lower growth rate is not something to brag about, but it might be the thing why SA might bounce back quicker. 

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 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 with the pandemic, the state did not have to fall too far. 

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