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Beyond the Boom

Monday, 2 December 2013
Author: BankSA in Indaily

South Australia's economic future could well lie in food, healthcare, education and tourism, the latest edition of BankSA's Trends economic bulletin suggests.

The report, released last month, examines the postponed benefits of a hoped for mining boom in South Australia and the need to refocus on other economic opportunities.

The BankSA report, compiled in conjunction with Deloitte Access Economics, explores this impact on the national as well as the South Australian economies.

Last year's announcement by BHP Billiton that it would delay the much-anticipated expansion of Olympic Dam was tough news and came on top of the damage done to a number of businesses by the strength in the Australian dollar and by Australia's relatively high interest rates.

In May 2013, BankSA State Monitor showed that business and consumer confidence levels fell to record lows. Only recently have we seen a rebound to more positive levels, as reported through the September BankSA State Monitor confidence survey.

As the Trends bulletin, and many other similar economic reports regularly state, SA can look to nearby Asia's expanding populations and their demands to help fuel our own growth.

Trends highlights that as Asia gets both richer and its populations get older, the sorts of the demands it makes on the world, including South Australian businesses, will change and open up a range of new opportunities for expansion.

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