Economic Plan

The Hon. J.W. WEATHERILL (Cheltenham—Premier) (14:15): l seek leave to make a second ministerial statement.

Leave granted.

The Hon. J.W. WEATHERILL: The government last week released its annual economic statement and a report summarising the results achieved in the first year of its economic plan. The first-year review of the economic priorities shows that progress so far has been sound: of the 68 objectives set down for 2015, 25 have been achieved, 24 are on track to be achieved, 17 have seen progress made, and two have not been achieved.

Our plan was devised in consultation with thousands of South Australians in the wake of the announcement, with Holden and the automotive industry leaving Australia. Since then, the pace of change and the scale of the challenge, if anything, has only increased. Economic indicators show what a difficult and volatile period the past year has been. The value of Australia's currency fell by 23 per cent against the US dollar, the price of Brent crude oil is down 58 per cent, copper and iron ore prices fell by 33 per cent and 44 per cent respectively, and the increase in global economic growth has been and is forecast to remain modest.

Through challenging and unpredictable times, South Australia has no choice but to continue our transformation from an old to a new economy, one that is open, innovative and knowledge based. We must maintain an investment environment where businesses feel confident to pursue new opportunities. We must focus on the sectors where we have a competitive edge, those that are poised for long-term growth and linked to global industries.

One example of a sector with tremendous opportunity for growth is the low carbon economy, particularly the renewable energy sector. Today, the government released our low carbon investment plan which targets $10 billion of investment in low carbon generation by 2025. By attracting investment, creating jobs and developing opportunities for local industry participation, we believe South Australia can maximise the benefits of a low carbon transition, and we believe we can establish Adelaide as a showcase for economic development and innovation. This is the approach I will be using to promote South Australia this week as part of the Paris climate change summit.

Mr Treloar interjecting:

The SPEAKER: The member for Flinders will restrain his mirth.