News
Issue No. 12 - August/September 2003
Strong Exports, but Not Enough
The latest Trends economic bulletin from BankSA projects an image of South Australia at a milestone, faced with hard yards ahead to build up a vibrant exporting economy that attracts skilled migrants. Failure means a return to the moribund 1990s.
We have made the first steps during the past two years as the wine industry and mining industry flourish under fortunate global trading circumstances. Our automotive sector has weathered tough conditions with less help.
But Trends makes the point that this good start has to be followed up in all sectors, lest we become too dependent on a handful of strengths.
The past couple of years have been relatively prosperous for SA, with unemployment falling back in line with the national average for the first time in more than a decade and economic growth rates the best in the country, Trends explains.
“This crucial period for South Australia that we are in now will be long remembered as an opportunity won or an opportunity lost," BankSA’s managing director, Rob Chapman, said to introduce the edition. “There are no quick fixes and work must being immediately to ensure the long term outlook for South Australia is a positive one.”
Reinforcing the Economic Development Board’s observations in its State of the State report published last year, Trends observes a “dramatic” population decline over the past 20 years, noting in particular the exodus of people born in 1971 (the high point of births in Australia) who have sought career opportunities interstate and overseas.
“South Australia has been losing trained young adults, a group that spends significantly on housing and services, as well as being a group starting to invest in the future through their children," Trends reports.
Working in our favour population—wise is the tendency for both migrants and native South Australians to stay put once they have families. Trends suggests this may be because we are a more ‘fami...
