Economy
See also: Australian economySouth Australia's average annual employment for 2009–10 was 800,600 persons, 18% higher than for 2000–01. For the corresponding period, national average annual employment rose by 22%.
South Australia's largest employment sector is health care and social assistance, surpassing manufacturing in SA as the largest employer since 2006–07. In 2009–10, manufacturing in SA had average annual employment of 83,700 persons compared with 103,300 for health care and social assistance. Health care and social assistance represented nearly 13% of the state average annual employment.
The retail trade is the second largest employer in SA (2009–10), with 91,900 jobs, and 12 per cent of the state workforce.
The manufacturing industry plays an important role in South Australia's economy, generating 11.7% of the state's Gross State Product (GSP) and playing a large part in exports. The manufacturing industry consists of automotive (44% of total Australian production, 2006) and component manufacturing, pharmaceuticals, defence technology (2.1% of GSP, 2002–03) and electronic systems (3.0% of GSP in 2006). South Australia's economy relies on exports more than any other state in Australia.
State export earnings stand at A$10 billion worth per year and grew by 8.8% from 2002 to 2003. Production of South Australian food and drink (including agriculture, horticulture, aquaculture, fisheries and manufacturing) is a $10 billion industry.
South Australia's economic growth has lagged behind the rest of Australia for some time (2.1% from 2002 to 2003), but performance seems to be improving. South Australia's credit rating was upgraded to AAA by Standard & Poor's Rating Agency in September 2004 and to Aaa by Moody's Rating Agency November 2004, the highest credit ratings achievable by any company or sovereign. The State had previously lost these ratings in the State Bank collapse. South Australia's Gross State Product was A$48.9 billion starting 2004, making it A$32,996 per capita. Exports for 2006 were valued at $9.0bn with imports at $6.2bn. Private Residential Building Approvals experienced 80% growth over the year of 2006.
South Australia's economy includes the following major industries: meat and meat preparations, wheat, wine, wool and sheepskins, machinery, metal and metal manufactures, fish and crustaceans, road vehicles and parts, and petroleum products. Other industries, such as education and defence technology, are of growing importance.
South Australia receives the least amount of federal funding for its local road network of all states on a per capita and a per kilometre basis.
Read more about this topic: South Australia
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)