NEWS RELEASE
Friday, 29 November 2024

Regional Development South Australia (RDSA) has released its annual economic report, highlighting significant forecast economic investment opportunities and the key enablers required to deliver growth.

This State-wide regional investment pipeline is published annually by RDSA and compiles the investment intentions of the public and private sectors over the next 5-year period.

Despite a backdrop of global economic uncertainty, regional South Australia has experienced substantial growth, as evidenced by increasing Gross Regional Product and Regional Investment Pipeline figures.

The 2024 Blueprint includes an analysis of 928 public and private projects highlighting $65.43 billion in capital expenditure under contemplation in regional South Australia, up from $64.562 billion last year.

Regional South Australia’s Gross Regional Product grew from $31.78 billion to $35.89 billion – the strongest performance in at least 20 years. This was led by the agricultural, forestry and fisheries sector, which represented 23.5 per cent of that output.

RDSA Executive Chair Hon. Rob Kerin said the figures highlight the importance of regional SA to the State’s economic prosperity and future growth.

“It is again the strongest year since Regional Development Australia started tracking these projects for the SA Government. Although growth has been more incremental this year and the increase in capital expenditure for forward projects is driven by additional investment in renewable energy projects,” Mr Kerin said.

It is likely this steady growth in the projected pipeline will see a peak of realisations in the next 2 to 3 years.

However, Mr Kerin was cautious about the contribution from the State’s agricultural sector in the immediate future.

“Despite a record year, we are very conscious that regional South Australia will require all its resilience, as two key factors weigh heavily,” he said.

“The first is the sustained cost pressure as inflation follows a slower-than-hoped pathway to the Reserve Bank’s target range.

“The second – current seasonal conditions, with nearly all the State recording well below average rainfall, and recent frost events, meaning the agriculture industry will be severely impacted.”

Despite these challenges, the long-term outlook for regional South Australia remains positive. The strong investment pipeline and ongoing growth suggest a promising future.

The 2024 Regional Blueprint can be found at Resources – Regional Development South Australia

Media enquiries can be directed to Rachel Barnett, Communications and Project Officer at co@rdaadelaide.com.au