Prices rising fastest in SA but economy is on the up, according to a new report
Adelaide recorded the highest level of inflation of all Australian capitals in the past quarter, according to a new economic report. But there’s some good news for South Aussies.
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Adelaide has recorded the highest level of inflation of all Australian capitals in the past quarter, according to a new economic report.
According to the CommSec State of the States report, released today, inflation in the state’s capital grew by 7.9 per cent in the March quarter, ahead of Brisbane and Sydney, which recorded 7.4 per cent and 7.3 per cent increases respectively.
SA’s economy was ranked equal-second overall in the report, which is released quarterly, sharing second place with Queensland behind Tasmania and ahead of New South Wales.
Treasurer Stephen Mullighan said the state’s economy was “going from strength to strength”.
“Our construction sector continues to punch above its weight,” Mr Mullighan said.
SA also recorded the strongest annual increase in house prices, with a 4.1 per cent jump ahead of WA and the Northern Territory which each increased by 2.3 per cent and 2 per cent.
SA’s ranking is an improvement from third place last quarter and fifth place the quarter before.
The report ranked SA first for relative population growth with the state’s 1.4 per cent annual population growth rate almost 50 per cent higher than the decade average to the September quarter in 2022.
SA also ranked first for construction work done, with current levels 18.2 per cent above the state’s decade average and ahead of Victoria, which increased its completed construction work by 17.3 per cent.
In the previous quarter’s report, SA was ranked first for construction work done and new dwellings started.
Mr Mullighan said the government was “continuing to invest in opportunities to ensure an ongoing pipeline of work”.
He said the construction of almost 24,000 new homes in the state was “vitally important” as SA’s population continues to grow.
The report, which ranks all states’ economic performance, has been published for 13 years.
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