News: Economic Outlook
Subdued growth for SA, while cost of living crisis eases
South Australia's economy grew weakly in 2023/24 due to capacity constraints and subdued household spending, according to the latest SACES Economic Briefing Report from SACES. While the labour market remained resilient with low unemployment, households faced severe cost-of-living pressures, with real per capita disposable incomes declining for a second consecutive year. Looking ahead, a modest recovery in household spending and easing inflation are expected, but challenges like a smaller winter grain crop and global trade risks may dampen growth prospects.
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Significant slowdown in economy amidst weak spending
The South Australian economy has lost momentum over the past six months with key economic indicators showing weaker trends, according to the latest Economic Briefing Report from the SA Centre for Economic Studies.
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Record decline in purchasing power for SA households
South Australian households have experienced an unprecedented decline in their purchasing power over the past year. In our latest Economic Briefing Report, SACES estimates that households’ gross disposable incomes on a real per capita basis fell by around 7 per cent in 2022/23. Consequently, households are finding it increasingly difficult to sustain their spending levels. This situation will continue to suppress household spending in 2024, which will lead to a slowdown in South Australia’s economic growth next year.
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China tariffs will hinder SA economic recovery
³ÉÈË´óƬ economists expect the South Australian economy will continue to bounce back in 2020/21. However, economic recovery will be weaker than previously thought as a consequence of China’s decision to escalate its trade war with Australia, the outbreak of a second COVID-19 wave in the northern hemisphere, and South Australia’s own mini lockdown in November.
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SA economy will take years to recover from COVID-19
It will take years for the national and South Australian economies to return to full output and employment following the COVID-19 pandemic.
These conclusions are contained in the latest Economic Briefing Report prepared by ³ÉÈË´óƬ economists from the SA Centre for Economic Studies (SACES).
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Slower economic growth predicted for 2019/20 and further interest rate cuts will not help
South Australian economic growth will be much slower in 2019/20 as a consequence of the slowdown in the national economy becoming entrenched and the global economy losing further momentum, according to the latest Economic Briefing Report from SACES.
Global and national slow down affecting SA economy
In their latest Economic Briefing Report ³ÉÈË´óƬ economists from SACES are predicting that South Australia’s economic performance will continue to be affected by slowdowns round the country and overseas, as well as weakening employment growth and household spending.
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Economics survey points to bleaker times post-election
The Australian economy will remain healthy for long enough to enable the government to claim it as a strength in the lead-up to the May election, but the first Conversation Economic Survey points to a fairly flat outlook beyond that, with a 25% chance of a recession in the next two years.
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