Economic Growth

The Hon. J.M. RANKINE (Wright) (14:42): My question is to the Treasurer. Can the Treasurer update the house on recent economic indicators in South Australia and what this means for the economy?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:43): I am pleased to say that the economic indicators, including new data published today, show that this state is growing robustly, providing a platform for business to thrive and invest in South Australia. These claims of negativity developed by some members of this house aren't being proved by the facts.

Today's national accounts report for the December 2016 quarter, published by the ABS, shows that South Australia's state final demand was 1.8 per cent higher than it was the year before. This growth was ahead of the national domestic final demand of 1.7 per cent over the same period. The ABS said that the growth and final consumption expended by private households and the private sector's gross fixed capital formation grew in seasonally adjusted terms. This result shines a light on the negativity of some in this chamber who deliberately attempt to drag down the confidence—

Ms CHAPMAN: Point of order: clearly, this is debate, referring to what other members think.

The SPEAKER: It is debate. I uphold the point of order. Could we have an answer without reference to the opposition?

The Hon. T.R. Kenyon interjecting:

The SPEAKER: Perhaps the member for Newland thinks the Treasurer is about to denounce dissidence in the government's ranks?

The Hon. A. KOUTSANTONIS: These figures come despite the continual attacks and criticisms of our state by the commonwealth government. The commonwealth government has ministers like Senator Simon Birmingham, minister Chris Pyne and indeed the Prime Minister himself who made an unprecedented attack on our state. These accounts show that despite that—despite our own Prime Minister attacking our jurisdiction—South Australia is defying global forces.

In terms of jobs, we have added 11,300 total jobs in the past 12 months to January 2017—that is trend employment—and those are 5,300 full-time jobs and 6,000 part-time jobs. Retail turnover increased by 2.3 per cent in South Australia to the year December 2016. Nationally, retail turnover rose by only 1.6 per cent over the year to December 2016. The trend number of dwelling commencements increased by 10 per cent over the year to September 2016, which was the second highest growth across all mainland states after New South Wales. Nationally, dwelling commencements fell by 2.3 per cent over the same period.

On Monday, the ABS reported that mineral and petroleum exploration showed trend exploration expenditure was 14.5 per cent higher in South Australia in the December quarter compared to a year earlier, while nationally the same expenditure fell by 16.3 per cent over the same period. Clearly, this government is getting on with the work of making sure that South Australia is a place where business can invest and grow. Our tax cuts are having an impact. Our Job Accelerator Grant Scheme is having an impact. Our changes to WorkCover—

An honourable member interjecting:

The Hon. A. KOUTSANTONIS: —when that was changed in a bipartisan way, are having impacts. Laughing at growth in South Australia I think flies in the face of what should be celebrated today. After last quarter's negative growth at a national level, to see the accounts return to positive growth is something all Australians should celebrate, not mock and scoff at.

Given the state is in the position of being in a budget surplus—something some members said we would never achieve, but of course we have and delivered—it will help us invest in our economy and build on what we have done so far. There are more tax cuts on the way in this budget coming up that were forecast in the last budget. We are helping grow the economy despite the negativity of members opposite.