Slow population growth dampens SA economy
Today’s Census data confirms what we know about South Australia’s population growth – we are lagging behind the rest of the country.
Property Council SA Executive Director Daniel Gannon said that South Australia is competing with Tasmania for the slowest growth rate in the country.
“Population growth is directly connected to economic growth, and without it, South Australia will not continue to mature economically and develop,” he said.
“South Australia is now being compared to Tasmania when it comes to important economic indicators, but our ambition is greater than that.
“Our state’s population growth rate is low and we have the highest median age in mainland Australia, and when combined this poses a medium-term economic risk.
“We share a border with Victoria and a fierce AFL rivalry, but that’s where the commonalities end as their growth rate is almost 2% stronger than ours.
“That’s not good enough.
“We need polices and a commitment from our policy-makers to put us on a pathway to population growth before it’s too late.”
Economic Significance of the Property Sector
Please see below statistics about the importance of property to the South Australian economy:
- Property is South Australia’s largest private sector employer and biggest industry
- It accounts for 10.8% of the state’s economic activity (or $10.5 billion)
- It builds prosperity by paying $4.4 billion in wages and salaries – one in six people draw their wage directly or indirectly from property
- One million South Australians have a stake in property through their super funds
- Property is the largest single industry contributor paying 56.6% of state taxes, local government rates, fees and charges
Media contact: Daniel Gannon | E [email protected]