South Australian Economy

Mr VAN HOLST PELLEKAAN (Stuart) (14:56): My question is to the Premier. Given the advice released yesterday by CommSec that the South Australian economy is predicted to soon become the worst performing of all states in the nation, does the Premier stand by his comments during question time last sitting week that the South Australian economy is faring no worse than other states?

The Hon. J.W. WEATHERILL (Cheltenham—Premier) (14:56): Yes, I do stand by my remarks. For the benefit of—

An honourable member: Are CommSec wrong?

The Hon. J.W. WEATHERILL: Those opposite do tend to seize on whatever they can find. They not only go to the most pessimistic reports they can find but they also go to the most pessimistic element of the most pessimistic report they can find. For instance, they utterly ignored the NAB Monthly Business Survey in September, which had South Australia recording the highest improvement in confidence, rising by 21 index points, followed by—

Members interjecting:

The Hon. J.W. WEATHERILL: —well, it's only one report—Western Australia and Queensland. Confidence weakened in most other states, and we actually had the highest business confidence of any of the states. But if you want to go to CommSec, let's talk about the CommSec report. The CommSec report is not measuring state growth rates in an absolute sense but against decade averages on eight quarterly indicators selected by CommSec. So, in that sense, the report is actually talking more about the past than it is about the present performance of the South Australian economy. That's the first thing: it's being misused to describe the current state of play in the South Australian economy.

Analysing the figures, depending on how you look at the figures, really tells you a different story. For example, if you look at the ANZ Stateometer, which has just been released, I think, today, it plots the performance of states on 16 indicators measured monthly, using four quadrants. According to that, South Australia's economy is performing better than Western Australia and the ACT. If you look at the CommSec report itself, South Australia ranks third in population growth and equipment investment but seventh out of eight on three indicators—economic growth, retail and dwelling starts.

If you want to choose another measure, compared to a year earlier, nominal retail turnover in August 2015 was 4.2 per cent higher in South Australia—the third-strongest rate of growth amongst the states in trend terms. The number of housing finance commitments by owner-occupiers in August 2015 was 2.9 per cent higher than a year ago and 18 per cent higher than the low point reached in September 2012. CommSec doesn't include dwelling approvals as part of its list of indicators, so it really depends what you focus on.

But, really, all of this comes to nought: the essential point is that we know we have challenges and what would be good for a change is if we had something other than the empty negative rhetoric of those opposite about coming up with a solution. It is palpable; the talk of the town is how hopeless the opposition are. It is the talk of the town.

Members interjecting:

The Hon. J.W. WEATHERILL: You might laugh—

Mr GARDNER: Point of order, sir.

The SPEAKER: The point of order is?

Mr GARDNER: The Premier is now straying.

The SPEAKER: I uphold the point of order. I am shocked to have to call to order the member for Flinders and the member for Davenport. I also call to order the Minister for Investment and Trade, and I warn for the first time the member for Chaffey, who I can hear all the way down there.