Food and beverage could underpin SA’s economic future

Food and beverage manufacturing presented a major opportunity for South Australia’s economic expansion, with 85 per cent of the world’s middle-class population growth to come from Asia.

The Advertiser reports that food manufacturing and agriculture could become the state’s biggest employer, according to BankSA, which today releases its Premium Food For Thought report. The economic bulletin was prepared in conjunction with Deloitte Access Economics.

Both domestic and international demand for the state’s food would pick up sharply. The global middle-class is tipped to expand from 1.8 billion to 3.2 billion, with 85 per cent of this increase to come from Asia.

“About 47,000 people are employed in South Australia’s food manufacturing and agricultural industry, which is four times the combined workforce of our car and defence manufacturing sectors,” Bank SA chief executive Nick Reade told The Advertiser.

“BankSA’s research shows that South Australia’s premium food sector has the potential to underpin the state’s economic future.”