South Australia’s economic rebound will persist well into the new year, according to the latest projections from the University of Adelaide’s SA Centre for Economic Studies (SACES), as international students return to the state.
In its latest Economic Briefing Report released last week, SACES claims that recent substantial growth in business investment, a backlog of construction work, and the reopening of borders will help the recovery continue.
Key Takeaways:
- South Australia’s economic recovery will last well into the new year as international students return to the state, according to a recent forecast.
- Recent large gains in firm investment, a backlog of construction work, and the reopening of borders, according to SACES, will all contribute to the recovery’s continuation.
- The economic benefits of reopening will be decreased if there are more COVID breakouts and stronger constraints.
The center cautioned, however, that the economic benefits of reopening will be diminished if additional COVID outbreaks happen and harsher restrictions return.
According to the report, despite a remarkable turnaround in net interstate migration flows, South Australia’s population growth has slowed substantially since the nation’s borders were closed.
Nearly two years after the country’s international borders were closed due to the pandemic, visa holders, including international students and skilled professionals, can now finally visit Australia.
Around 235,000 visa holders, including an estimated 133,000 international students, will be allowed to enter the country, as per the federal government’s directives.
It can also be recalled that following an interim authorization from the Australian Competition and Consumer Commission, South Australian education providers entered a collaboration to set up travel and quarantine accommodation arrangements for international students’ return.
According to SACES deputy director Jim Hancock, the SA economy would likely witness “a moderate continuing recovery in 2021/22,” supported in part by the reopening of international borders.
The opening of Australia’s international border comes after the federal government placed a two-week hold on visa holders returning due to concerns about the advent of the COVID-19 Omicron variant.
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