The 2022-23 budget includes operating efficiencies in non-frontline services, including executive reductions. No additional savings have been allocated to health, education, police, child protection, TAFE SA, courts and emergency services.
| 2022-23 Budget | 2023-24 Estimate | 2024-25 Estimate | 2025-26 Estimate | |
|---|---|---|---|---|
| 2022-23 Budget savings ($m) | 165.0 | 174.0 | 183.0 | 192.0 |
The 2022-23 Budget invests in health and other public services, supports economic recovery and delivers essential infrastructure whilst maintaining debt within affordable levels.
The South Australian economy is estimated to grow by 3 per cent in 2021-22. Gross State Product is forecast to return to its long run average growth of 2¼ per cent per annum from 2022-23 onwards.
Employment has grown solidly over the past year, and was up 1.8 per cent through the year to April 2022. Employment is estimated to grow by 3¼ per cent in 2021-22, before returning to its long run average growth of 1 per cent per annum.
Public sector investment including in hydrogen projects, transport projects including the North-South Corridor, and private sector investment provide continued support to the economy.
Key assumptions underlying the budget and forward estimates – South Australia
| 2021-22 Estimate | 2022-23 Forecast | 2023-24 Projection | 2024-25 Projection | 2025-26 Projection | |
|---|---|---|---|---|---|
| Gross State Product – real growth (%) | 3 | 2¼ | 2¼ | 2¼ | 2¼ |
| State Final Demand – real growth (%) | 3¼ | 2½ | 2¼ | 2¼ | 2¼ |
| Employment – growth (%) | 3¼ | 1 | 1 | 1 | 1 |
| CPI (%) | 3 | 4 | 3¼ | 2¾ | 2¾ |
