State Economy

The Hon. L.W.K. BIGNELL (Mawson) (14:55): My question is to the Treasurer. Can the Treasurer provide the house with an update on recent economic statistics on the South Australian economy?

The Hon. S.C. MULLIGHAN (Lee—Treasurer) (14:55): I thank the member for Mawson for his question, because I'm very pleased to update the house on recent economic statistics that have been released in the last few days about the South Australian economy. Last Thursday, the Australian Bureau of Statistics released their labour force data for February. It painted an extraordinary picture of South Australia's labour force: the strongest it has ever been since records began.

South Australia's unemployment rate has never been lower, never been lower—a record low of 3.8 per cent in the most recent figures. This is equal with Queensland and, remarkably, lower than Western Australia and the Northern Territory. There are now a record 936,000 people employed in South Australia. This is up more than 4,000 from the previous month, and there are almost 28,000 more South Australians in work now than at the time of the last state election. Of this record number of people in work, more than 614,000 are in full-time work—again, another record for the South Australian labour market. This is also higher than at the time of the last state election: 16,000 higher than at the time of the last state election.

Remarkably, this record high employment and record low unemployment rate has been achieved while labour force participation actually increased in the last month by 2½ thousand people to bring the participation rate to 63.8 per cent. These are remarkable results. Pleasingly, so enthralled are you, I see Mr Speaker, time has stood still, such is your enjoyment of these statistics. So I will continue, Mr Speaker.

Last week we also had population figures released for South Australia, which showed that in the last 12-month reporting period South Australia's population—

Mr Cowdrey: To September.

The SPEAKER: The Treasurer has the call.

The Hon. S.C. MULLIGHAN: I was reading some further statistics, and it occurs to me that when the member for Colton blurts something out in question time he's desperate to be heard. Do you know what the worst thing is, worse than being talked about? Not being talked about.

The SPEAKER: Mr Treasurer, that may not be an economics textbook. That appears to be a prop.

The Hon. S.C. MULLIGHAN: Proves himself an irrelevance to Wakefield Press as well.

The SPEAKER: The Treasurer will not use props, and neither will the Leader of Government Business.

The Hon. S.C. MULLIGHAN: The population figures, as I said, for the last 12-month reporting period (in case there has been some sort of waxy build-up for the member for Colton) showed in that last 12 months—

Mr Cowdrey: You want to talk about business confidence—down 20 per cent?

The SPEAKER: Order, member for Colton!

The Hon. S.C. MULLIGHAN: —25,000 more people in South Australia. The population grew by 1.4 per cent.

Mr Cowdrey: Business conditions down 12 per cent.

The SPEAKER: Member for Colton!

The Hon. S.C. MULLIGHAN: That shows two things: not only a record number of migrants coming to South Australia from overseas but four consecutive quarters of net interstate migration in the positive. Compare that to the previous reporting periods: annual population growth at only 1 per cent and before that 0.9 per cent, and before that 0.6 per cent. This is a trajectory heading in the right direction, and the reason is because people think this state is heading in the right direction, well led by the Malinauskas Labor government. These are remarkable results.

However, there is one thing we should point out. Despite the very positive overseas migration numbers, despite the very positive net interstate migration numbers, there was an unfortunate fall in the year to September for the natural increase in population, almost a record low natural birth rate. Of course, September was approximately nine months on from the December/January period when the state was thrust once more into heavy restrictions because the opening of the borders was so badly bungled by those opposite when they were in government.

These are terrific figures, something that should give South Australians a lot of confidence that the economy is heading in the right direction, and despite the headwinds that may blow globally and nationally in the coming 12 months we confront whatever they may be from the strongest position the state's economy has ever been in.