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20 January 2009
Access Economics says that the South Australian economy is likely to continue to grow. However, Australia overall may see a downturn after what has in recent years been significant growth based on a commodities boom.
The report predicts that the state's economy will grow 2.3 per cent this financial year, 2.9 per cent next year and 3.8 per cent in 2010-11.
"Although the news for South Australia may be bad, the news is worse elsewhere," the report says."
"That means SA's share of Australia's economy is likely to climb more notably and sustainably in the next few years than it has done at any time since the 1960s."
Treasurer Wayne Swan said he would not comment on the report's findings or that overall Australia was heading for a recession.
"I don't speculate about the figures in this report," Mr Swan said."
"There's no doubt that a slowing of the global economy with impact upon commodity prices."
"It will certainly impact upon the Budget bottom line, in terms of the Commonwealth Budgets and State Budgets."
Access said that with the sharp fall of the Australian dollar two of SA's main exports wine and education will go up.
"Although the global wine market is taking a hit, Australia is well positioned to raise its market share," the report says. "Ditto the market for overseas students, with South Australia doing particularly well in recent years thanks to strong demand from Chinese, Indian and Malaysian students."