Economy driven by regional investment

STRONG PERFORMANCE: South Australia’s economy outperforms all other states
STRONG PERFORMANCE: South Australia’s economy outperforms all other states

Private sector investments in the state’s Mid North and Upper Spencer Gulf are expected to continue driving the success of SA’s economy.

A report from the Australian Bureau of Statistics has analysed that SA’s economy has outperformed all the other states in the last financial year. 

The Gross State Product rose 1.6 per cent on per capita terms, compared to the national rate of 0.4pc. 

In absolute terms, SA’s GSP rose by 2.2pc in the 2016-17 financial year, to $101.8 billion. 

The investments in the state’s north include the Tesla and Neoen investment in a battery co-located with the Hornsdale Wind Farm and Enel’s $400 million solar farm. 

Treasurer Tom Koustsantonis says that this report shows that the private sector is investing in South Australia and our small businesses and households have the confidence to spend. 

“There is a lot more to do and state government will continue to invest in local businesses through the $200 million Future Jobs Fund, Job Accelerator Grants of up to $15,000 and payroll tax relief of almost $10,000 for small and medium businesses.”

“South Australians should be proud of how our state is performing at a time when we are absorbing the shock of the automotive manufacturing industry leaving our state.”