Investment Attraction Agency

The Hon. M.L.J. HAMILTON-SMITH (Waite—Minister for Investment and Trade, Minister for Small Business, Minister for Defence and Space Industries, Minister for Health Industries, Minister for Veterans' Affairs) (14:06): With your leave, I would like to make a ministerial statement.

Leave granted.

The Hon. M.L.J. HAMILTON-SMITH: The South Australian government took a very bold step of establishing an investment attraction agency just over two years ago. The agency was an initiative first proposed by the Economic Development Board in early 2015 and was modelled on similar international bodies. The decision to move to a centralised investment attraction agency, by relocating resources across the whole of government into a single agency, meant that government could fund the new agency from existing resources.

We headhunted a global economic expert from Wales, Mr Mike Hnyda, and the agency became operational from 1 October 2015 under the guidance of an international advisory board chaired by former banking executive Rob Chapman. I thank both men and the whole of the board for their service. Its three objectives were to create 6,000 jobs by the end of 2017, to maximise capital investment into South Australia and to have a transformational impact on the state economy. I am pleased to report to the house today that this has been a job well done.

As of today, we have announced 24 projects secured by the Investment Attraction Agency. These projects bring in $1.78 billion in capital expenditure, with an estimated economic benefit of $6.667 billion. Most importantly, the 24 projects have created 7,084 jobs—that is more than 1,000 over target. The new jobs will be at global aviation giant Boeing; Babcock; Datacom, who are a welcome employer in the electorate of Newland; IT multinational NEC; Orora; French company Neoen; Tic:Toc home loans, the app-based start-up in the FinTech sector that has just been named as an emerging star in KPMG's international annual Fintech100 list for 2017; and others.

Ten days ago, the Premier announced the decision by VeroGuard Systems to move its cybersecurity operations from Victoria to South Australia. Former auto component sector employees have already been hired by VeroGuard Systems. On every measure, Investment Attraction SA has been a stunning success. I note today that economic analysts Deloitte released their 'Make it a plan Adelaide' report proposing the creation of a multibillion dollar South Australian investment corporation. Is it not curious that we already have one, Mr Speaker?

I am advised Deloitte visited our agency chief executive, Mr Mike Hnyda earlier this year, and it is pleasing to see that they took notes, took the concept up—although ours is a more cost-efficient and effective model—and then repeated it in today's report. I have asked Mr Hnyda and Mr Rob Chapman to further inform Deloitte on the success of IASA and the impact of the international board which might inform the next report.

Today, I congratulate the board, the agency and its hardworking staff on helping to deliver the economic transformation that was promised. Those 7,085 jobs represent new careers, meals on the table and confidence for our future. Delivered under the economic priorities of this government, investment attraction has been a great success. We do not hear much about it from the pessimists, but there is every reason to be optimistic about South Australia where we made a plan and then delivered on it.

Members interjecting:

The SPEAKER: I call to order the leader and the deputy leader.