Another budget surplus as SA’s economic growth leads the nation

A surplus of $18 million is forecast to be recorded in the 2024-25 financial year, with further surpluses forecast every year across the forward estimates.

This will be the third consecutive surplus the Malinauskas Labor Government will deliver.

It comes as South Australia recorded the strongest growing economy in the nation according to the State Final Demand (SFD) figures released by the Australian Bureau of Statistics.

South Australia’s SFD for the March Quarter increased by 1.3 per cent, almost double the next best in Queensland and well ahead of the national GDP growth of just 0.2 per cent.

It takes the annual rate of SFD growth in SA to 3.1 per cent higher than a year ago. Nationally, the GDP grew by 1.3 per cent.

The seasonally adjusted SFD figures are a measure of the value of spending at the state level.

In South Australia, during the March quarter, spending rose in public investment (up 6.9 per cent), dwelling investment (up 3.8 per cent), new business investment (up 3.3 per cent), and household consumption (up 0.8 per cent)

Quotes attributable to Stephen Mullighan

South Australia’s economy is heading in the right direction.

SA’s growth is clearly number one in the nation and is well above the national average.

With inflation easing and interest rates beginning to come down we are starting to see household spending pick up which will be welcome news to thousands of small businesses in the state.

This is an excellent result and demonstrates the Government’s cost of living relief and efforts to stimulate the economy are having a positive impact.

Attributable to Stephen Mullighan

South Australia’s economy is heading in the right direction.

SA’s growth is clearly number one in the nation and is well above the national average.

With inflation easing and interest rates beginning to come down we are starting to see household spending pick up which will be welcome news to thousands of small businesses in the state.

This is an excellent result and demonstrates the Government’s cost of living relief and efforts to stimulate the economy are having a positive impact.