State of the States report explained

The CommSec State of the States report uses the latest available information to provide an economic snapshot of each Australian state and territory by comparing eight key indicators: economic growth, retail spending, equipment investment, unemployment, construction, population growth, housing finance and dwelling commencements. South Australia’s performance is important because it's the first time the state has reached the number one spot.

Job market and building projects – the current state of play

CommSec's Chief Economist, Craig James, pointed out that South Australia's strong job market and building projects played a huge part in getting the state to the top. The report says that the state's success is because the number of people moving there has tripled in the last two years. This increase in population is showing up in a busy housing market and more economic activity.

Soaring economic growth – a state by state comparison

South Australia's economic growth is impressive, being 9% higher than the average over the past four years. That's better than other places like New South Wales, which only reached 8.3%. The job market in South Australia is a big winner, with a jobless rate of 3.8% in December, which is much lower than the average over the last ten years. Construction work in South Australia is also standing out, going 23.4% above the average for the last ten years. Even compared to New South Wales, South Australia is doing better in this area, with a higher percentage above the decade average. This success story means that South Australia has moved past bigger states like Victoria, which used to be at the top. Now, Victoria and New South Wales are sharing the second spot, showing that things are changing in Australia's economy.

South Australia needs to stay focused

While everyone is happy about this great result for South Australia, Craig James reminds us that the state still needs to stay focused. Challenges might come from New South Wales and Victoria in the future as things keep changing in the economy. The success in South Australia fits with what is happening across Australia. A good job market and more people moving in have been helping all the states and territories. However, Craig James warns that things might slow down for everyone because of higher interest rates, more expensive borrowing and prices going up. Even though challenges might come, the state is set to keep doing well and making a big impact on Australia's economy. It's a time for South Australia to enjoy its achievements and face whatever comes next with the same determination that got it to the top.

Mansfield & Co Recruitment – embracing the job market in 2024

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References

https://www.commbank.com.au/articles/newsroom/2024/01/commsec-state-of-states-january24.html

https://www.commsec.com.au/content/dam/EN/Campaigns_Native/stateofstates/January2024/CommSec_State_of_the_States_January_2024.pdf

https://www.themandarin.com.au/238457-canberrans-love-to-shop-but-south-australia-wins-on-economic-activity/