Economic Data

Ms COOK (Fisher) (14:39): My question is for the Minister for Investment and Trade. Can the minister advise what recent reports indicate about the state's economic performance?

The Hon. M.L.J. HAMILTON-SMITH (Waite—Minister for Investment and Trade, Minister for Small Business, Minister for Defence Industries, Minister for Veterans' Affairs) (14:39): I thank the member for Fisher for the question, which follows on from the earlier question answered by the Treasurer, because it is pleasing to be able to report that South Australia's economic performance, according to key commentators, is on the rise.

Members have noted the recent upward trends identified in CommSec's State of the States report on 25 July. While it is a stretch to extrapolate from one report, South Australians can be buoyed by news that the CommSec observations are further supported by a number of recent surveys, including the Sensis Business Index Survey, the NAB Quarterly SME Survey, the NAB Quarterly Business Survey and the ANZ Property Council Survey, that now show improved business confidence and conditions across the state.

Furthermore, Deloitte's Investment Monitor for the June quarter shows a lift in investment, with projects in South Australia valued at $42.6 billion, up 2.6 per cent. This is 0.8 per cent higher than a year ago. This result is influenced by the value of definite projects, those projects that are under construction or committed, which rose by $398 million, driven by new listed private projects.

We are able to draw an even clearer picture of economic trends by adding in the data released by the Australian Bureau of Statistics just on Tuesday. That showed that South Australian exports increased by almost 3 per cent year on year to $11.6 billion. This is above the national result, which decreased by 4.4 per cent. The Northern Territory, Western Australia, New South Wales and Victoria all reported declines, while we reported increases.

South Australia saw its copper up $428 million or 45 per cent. Other confidential items, including bulk barley, up $303 million or 13 per cent, wine up $119 million or 9.7 per cent, vegetables and fruit up $62 million or 12 per cent, petroleum and petroleum products up $45 million or 35 per cent, and wool and sheepskins up $43 million or 26 per cent.

It is also pleasing to report that in the past 12 months, ABS data showed an additional 78 South Australian businesses are now exporting. That is 78 businesses and their employees that have taken up the challenge of linking with the global economy; that means jobs and investment at home. Our TradeStart network is managing an active client list of over 660 companies, up by 100 on the previous year. More than 60 of those companies are new clients who are first-time exporters.

These results show that the state government's export strategy, including the trade missions program, growing new markets and committing to growing the premium food and wine, agriculture and advanced manufacturing sectors, is working and getting results. Commitment to abolishing taxes that constrain business investment and expansion is also delivering a result.

Over the next decade, these tax changes will return almost $2.5 billion to businesses and the community and will result in significant savings for our state's small businesses, not to mention the savings from the revised WorkCover scheme. Our small business support programs and trade assistance programs are having a positive impact. The establishment of the Investment Attraction agency SA is also adding to that growth.

This is all positive news for the state. It reinforces this government's commitment to growing our economy and creating the right economic environment for businesses to succeed. There have been some headwinds but the state government is forging forward.