Feature
Issue No. 4 - February/March 2002
Economic outlook
by Professor Richard Blandy
Until very recently, the South Australian economy has not been travelling well.
The question now is whether the upsurge in South Australian economic activity over the past six months will continue for any significant length of time or whether South Australian economic activity will revert, in due course, to its 10 year downward track relative to the rest of Australia.
The trend in the state’s overall economic fortunes is best summarised by the figures for gross state product, the state equivalent of Australia’s gross domestic product figures.
Over the last decade, according to the official figures from the Australian Bureau of Statistics (ABS) (see Chart 1), South Australia’s share of the national economy has fallen from 7.5 to 6.5 percent.
Chart 1: South Australian GSP/Australian GDP (Per cent), Year ended June 1990 — Year ended June 2001
. By implication, South Australians’ average standard of living has fallen from 89.7 per cent of the Australian average in 1989–90, to only 83.5 per cent of the Australian average in 2000–01, with the rate of fall speeding up during the last few years of Premier Olsen’s Government.</p><p>Over the last eight years of Liberal government, SA’s GSP rose 22.6 per cent, while Australia’s GDP rose 36.6 per cent, Victoria’s GSP rose 39 per cent and Queensland’s rose 42.9 per cent! </p><p>Over 2000–01 (the last year for which we have data), the South Australian economy (GSP) grew by onl...</p></div></div> </b></i></strong>
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