House of Assembly Fifty-Fifth Parliament, First Session (55-1) 55 1 Parliament of South Australia House of Assembly published Question Time Labour Force Data Labour Force Data The Hon. A. PICCOLO House of Assembly Light Labour Force Data The Hon. A. PICCOLO (Light) (14:44): Thank you very much. My question is to the Treasurer. Can the Treasurer provide the house with an update on the state of the South Australian labour force and how this is impacting business confidence? The Hon. S.C. MULLIGHAN House of Assembly Lee Treasurer Labour Force Data The Hon. S.C. MULLIGHAN (Lee—Treasurer) (14:44): I also extend my birthday wishes to the member for Light. Judging by the corflutes I saw at the last state election, he is 36 today. I am grateful for the member's question. It goes to the extremely strong performance of the South Australian labour market. The most recent labour force figures released by the Australian Bureau of Statistics last Thursday show that there is yet another new record that has been achieved by the South Australian labour force, with 927,900 people employed here in South Australia—an extraordinary record. That is up 4,200 from the previous month which at the time was, in itself, a record for the total number of people employed here in South Australia. Pleasingly, of those 927,900 people 610,900 are full-time workers—a record in full-time employment here in South Australia. That itself is an increase of 2,400 full-time jobs from the previous month and 12,600 more full-time jobs since the recent March state election. In total, that is almost 20,000 new jobs since the March state election. Our unemployment rate now sits at 4 per cent, which is the second lowest on record after the 3.9 per cent recorded last month. This unemployment rate is equal to Victoria and the Northern Territory, and lower than Tasmania. While the unemployment rate did rise slightly from 3.9 per cent to 4 per cent, this was driven by a participation increase in the labour force of 5,500 people to a seasonally adjusted participation rate of 63.7 per cent. These are undeniably strong results for the South Australian economy. The strength and resilience of the South Australian economy in the face of what appears to be growing economic headwinds confronting the nation is being reflected in business confidence statistics. The latest NAB Monthly Business Survey reported a significant boost in business confidence in South Australia. South Australia's increase in business confidence was the highest of all states in the month. Our business confidence index rose 19 points in January in seasonally adjusted terms, leaving South Australia with the second highest business confidence levels behind Tasmania. Nationally business confidence rose by six points, with all states reporting an increase, except Queensland. January also saw business conditions rise by 20 index points in South Australia compared with only five nationally. These results were consistent with NAB's more in-depth Quarterly Business Survey for the December quarter. In that particular survey, South Australia had the highest business confidence of all mainland states. South Australia and Tasmania were the only states to see increases, and this leaves South Australia as the only mainland state in positive business confidence territory. Additionally, South Australia was the only state to see an improvement in business conditions. It is clear that businesses are currently feeling confident in the state of our economy. People are continuing to consume and businesses are continuing to employ. However, as I have been at pains to say each time I have reported economic conditions to the parliament, we have to be aware that economic forecasters are projecting a slowdown in the nation's economy this year, and South Australia will not be exempt from this. What is pleasing is that we confront any such economic challenge from the strongest possible position.