📰South Australia Crowned Best State for Business in 2024 Regulation Report

For the second year in a row, South Australia is the most business-friendly state in Australia.

A report on the competitiveness of states based on their business regulations and taxes shows that while South Australia offers the best environment for doing business, Victoria's regulatory framework holds it back. The study assessed such aspects as tax rates and trading hours in its effort to ascertain what states offer an environment most conducive to conducting business.

The Key Points:

• The state also retains its premier ranking based on lower payroll taxes, property charges, and less bureaucratic licensing conditions.

• Victoria is again ranked last across all jurisdictions, weighed down by competitive disadvantages in the property tax, payroll and licensing requirements.

• The report looked at several factors, such as planning systems, taxes, retail trading hours and workers compensation premiums.

• Tasmania, ACT and Northern Territory trailed South Australia as the friendliest business states.

Why it matters: This ranking, therefore, directly affects where businesses may decide to invest and expand their operations across Australia. More job opportunities, economic growth, and better living standards can be expected in the residents' regions. Regions with better business conditions tend to attract more investment, which can improve employment opportunities and foster economic development in local communities.

Big Picture: These findings highlight the widening divide between the states on business regulation practices that has the potential to reshape the economic landscape of Australia. This may foster competition to attract businesses, which in turn could lead to broader reforms at the national level. The report also points to key national priorities such as housing affordability, suggesting that effective planning systems will help meet the national objective of building 1.2 million new dwellings within five years.

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