South Australia is "leading the way" in the latest ANZ Stateometer, out today, with large rises in the state's business sector and trade indices seeing our state record the highest above-trend economic performance in the nation.
The national snapshot of Q4 2025 saw further acceleration for the state economy after South Australia already outperformed the nation with the strongest index performance in each quarter over the year.
The influential ANZ bulletin noted South Australia's "stellar run" across 2025, as state final demand (SFD) grew 1.2 per cent quarter on quarter in Q4, compared to 0.5 per cent nationally - the fastest rate nationwide.
The state also saw the strongest SFD growth nationwide on an annual basis, up 5.0 per cent year on year, versus 2.9 per cent nationally.
This was well above SA's decade average of 3.0 per cent year on year.
The Stateometer noted that a sharp improvement in the business component, driven by strong copper exports, supported the sharpest rise in the trade sector since late 2022 and helped drive what it dubbed "the stand-out performance of the SA Stateometer index this quarter".
Business conditions in SA rose 5.8pt in Q4 versus 1.7pt nationally, while private capex rose 4.8 per cent q/q in Q4, against 0.4% nationally.
This was the strongest lift nationwide.
The trade index, meanwhile, reached its highest level since early 2023, as nominal goods exports recorded a 9.6 per cent q/q rise, outpacing the 2.7 per cent lift nationally.
SA was Australia's largest exporter of copper in 2025, with a steep rise in copper prices driving the rise in the state's nominal goods exports.
As put by Peter Malinauskas
The ANZ Stateometer today confirms what a roll-call of commentators and surveys have already made clear – South Australia's economy is outpacing the nation.
Today's update shows that after leading the way throughout 2025, the state's economy accelerated again in the final quarter, with business and trade driving the upsurge.
The economy is in great shape, and that means we are well placed to respond to international headwinds and economic shocks like we are experiencing as a result of the Iran war.
This vote of confidence adds to a litany of endorsements for the direction of the South Australian economy under the Malinauskas Labor Government. Westpac's "Coast to Coast" quarterly report on Australia's state economies last month noted SA was "hitting a sweet spot" of strong growth and low inflation compared to other states, while the Business Council of Australia has now ranked our state the best place to do business in the nation for three years in a row.
It's particularly heartening to see copper exports helping drive this outstanding performance. South Australia hosts almost 70 per cent of Australia's economic copper reserves, with major mines like Olympic Dam, Carrapateena and Prominent Hill in production, and more opportunities under investigation and various stages of development. We have also commenced a competitive procurement process for the potentially game-changing Northern Water project, which could unlock more copper mining and processing opportunities for the future.
