SOUTH AUSTRALIAN ECONOMY

Ms PORTOLESI (Hartley) (14:22): Will the Treasurer provide an update of the performance of the South Australian economy; and is he aware of any reports and statements concerning our economic performance?

Members interjecting:

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:22): Thank John Howard, did they say?

The Hon. P.F. Conlon: He lost, didn't he?

The Hon. K.O. FOLEY: The Libs hate losing, but as we just heard from the minister, those opposite were a woeful government. I am pleased to provide details of a number of reviews on the South Australian economy.

Dr McFetridge: It is booming; we know that.

The Hon. K.O. FOLEY: The shadow minister is telling us that it is booming. That is not what the Leader of the Opposition is saying. That is not what Marty is saying; look at the face on him. He cannot believe it. Can I defer to the honourable member to answer the question? He has just told us that it is booming. I thank the shadow minister for transport for telling us what the Leader of the Opposition will not tell us, that is, the economy is booming. I am pleased to provide details of a number of recent reviews on the performance of our economy.

An honourable member interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: Hudson Recruiting, which is a very large national recruitment agency, recently released one of its regular reports. The findings summarise nationwide research, totalling 7,195 employers who were personally surveyed. The survey was in relation to hiring expectations of Australian employers over the forthcoming quarter. In relation to 445 hiring managers in South Australia, the report reveals a 2.1 percentage point increase from the first quarter of 2008.

The result represents the highest confidence level on record for South Australia and the sixth consecutive quarter on quarter increase in employer sentiment. So the member for Morphett is right: this economy is booming.

An honourable member: Imagine what it would be like under a Liberal government.

The Hon. K.O. FOLEY: Yes, imagine what it would be like under a Liberal government. Well, we know what it's like: it goes down—big budget deficits, recessions—we know what you're like in government.

The construction, property and engineering sector recorded an increase of 16 percentage points on the last quarter. Additionally, the manufacturing sector recorded an increase of some 15.3 per cent. The results show that 95.3 per cent of SA employers surveyed planned to either increase or maintain existing staff resources.

Ms Chapman interjecting:

The Hon. K.O. FOLEY: She has to talk the economy down, doesn't she? She just has to knock, knock, knock.

Ms Chapman interjecting:

The Hon. K.O. FOLEY: We had a population growth last year.

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: As we know, KPMG have already said in its business costs benchmarking study that we are the lowest business cost jurisdiction in all of Australia. What we have also found is an annual trend employment growth of some 21,500 or 2.9 per cent over the past 12 months to the end of February.

Ms Chapman interjecting:

The Hon. K.O. FOLEY: The deputy leader is knock, knock, knock. She has nothing positive to say about the economy—but then she is a lawyer.

An honourable member interjecting:

The Hon. K.O. FOLEY: Sorry, a Liberal lawyer. Unemployment reached a new trend low of some 4.6 per cent since monthly labour force surveys commenced in 1978. The ANZ Bank expects that the current tight conditions in the labour market will continue well into 2008. That will see further market signals for more people to come into South Australia to meet the burgeoning economy. The reality is that, despite the Leader of the Opposition and despite the Deputy Leader of the Opposition, any smart-minded, objective person is telling us that our economy is booming.

Ms Chapman interjecting:

The Hon. K.O. FOLEY: Delusional! The deputy leader says that to say that our economy is booming is delusional. Is that what you are saying? That it's delusional? What did we hear last Tuesday night in this chamber from the member for Morphett? Having just said that anyone who says our economy is booming is delusional, what did the member for Morphett say? Quiet now, let's hear this. The member for Morphett said:

Let us now have a look at the average weekly earnings in South Australia. The lowest level of unemployment on record in South Australia—

thank you, Duncan—

is something that we need to be aware of. We are certainly aware of it when we are looking at capping average weekly earnings, particularly now with the mining boom and with the defence contracts being pushed—

so well, I might add—

by this government. It is an interesting position to be in.

So says the member for Morphett. He said more. He said:

We have an economy that is absolutely booming.

I say to the member for Morphett, thank you for honesty and an objective analysis. We have the deputy leader saying that it is delusional to suggest our economy is booming; Marty, who will knock us at any moment—

Ms Chapman interjecting:

The Hon. K.O. FOLEY: Sorry?

Ms Chapman interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: Marty just told her to be quiet.

The SPEAKER: Order!

The Hon. K.O. FOLEY: Even Marty is getting sick of her.

The SPEAKER: Order!

The Hon. K.O. FOLEY: Sorry, sir. Even the leader is getting sick of the deputy leader interjecting. He just put a hand on her shoulder and said, 'Shut up'.

The SPEAKER: Order!

The Hon. K.O. FOLEY: How do you feel? He has just told you to shut up.

The SPEAKER: Order!

Ms CHAPMAN: On a point of order, Mr Speaker.

Members interjecting:

The SPEAKER: Order! I will hear the point of order.

Ms CHAPMAN: The deputy leader accused the leader of placing his hand on my shoulder. It is completely untrue.

The SPEAKER: Order! The Deputy Premier will return to the substance of the question.

The Hon. K.O. FOLEY: I have finished, sir.

Members interjecting:

The SPEAKER: Order! The Leader of the Opposition.