By the stats: Weekly wrap of SA economic data
In this week’s wrap-up of South Australian economic data we drill down into the inflation figures, and compare several economic assessments published by consultants this week.
Inflation: what’s up, what’s down
The national consumer price index figures released yesterday show that inflation remains benign in Australia.
The figures show annual inflation at just 1.5 per cent – below the central bank’s two to three per cent inflation target – after a 0.7 per cent increase in the three months to the end of June.
Adelaide’s increase was 0.5 per cent over the quarter – lower than most other capital cities, but greater than Hobart, Darwin and Canberra.
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The main contributor to the rise during the quarter was automotive fuel, which increased by 13.9 per cent – the equal highest fuel hike in the country alongside Sydney. Medical and hospital services also increased by 4.2 per cent.
The ABS said these rises were partially offset by falls in electricity costs (8.3 per cent) and domestic holiday travel and accommodation (5.0 per cent).
South Australia’s overall performance
There were some similarities – but some interesting divergences – in two big picture analyses of South Australia’s comparative economic performance, released this week.
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Deloitte Access Economics’ regular Business Outlook assessment notes some positives and negatives in the state’s performance.
“Retail sales are solid, as is housing construction, and population growth is holding up amid a national slowdown,” it says.
“That says South Australia’s growth is slow, but the economy is in better nick than it’s given credit for. But keep a watch on submarines: ‘how many’ as well as ‘where’.”
The picture was slightly different in CommSec’s quarterly State of the States report.
CommSec ranks the states and territories on eight key measures, including economic growth, unemployment, retail spending, housing finance and population growth.
Overall South Australia remained in seventh place, closely followed by Tasmania at the bottom.
South Australia was ranked at the bottom for jobs and construction work.
The few bright spots include population growth and equipment investment (third ranked), while economic activity was up 0.6 per cent on a year ago.
– InDaily and wire services
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