State Economy

Mr BROWN (Florey) (14:58): My question is to the Treasurer. Can the Treasurer update the house on the state of the South Australian economy?

The Hon. S.C. MULLIGHAN (Lee—Treasurer) (14:58): It gives me great pleasure to provide a further update on the truly remarkable performance of the South Australian economy. As we know, business investment has reached record levels in South Australia, supporting our labour force and preparing the state to deliver the significant body of work that this government has ahead of it.

Recent national accounts data from the ABS showed that business investment in South Australia reached a record $16.7 billion in the 2022-23 financial year. This is an almost 30 per cent increase above pre-COVID levels—the fastest growth rate of all states over this period. Since the 2022 election, business investment has grown by 13 per cent, again the fastest growth in the nation.

Record levels of business investment helped South Australia in recording the equal-strongest growth in the state final demand in the country during the most recent June quarter. South Australia's state final demand growth in the June quarter topped the nation at 1.3 per cent for the quarter, well above the national average of 0.7 per cent—of course, not just nation-leading growth in state final demand and business investment, but we have seen South Australia's labour force reach another record.

South Australia's unemployment rate is at the lowest it's been since monthly records began more than 45 years ago: it sits at 3.6 per cent. This puts our unemployment rate at the equal second lowest in the country and below the national average of 3.7 per cent—an extraordinary achievement for the state's economy. It is an uncommon feat for a state consistently plagued by unemployment above the national average for the last four decades to achieve this fantastic result.

Our relative economic strength across these metrics has been recognised in a number of recent economic reports. Most recently, the ANZ bank's Stateometer has described the South Australian economy as 'the standout performer in the June quarter'. South Australia was also ranked first in the nation in multiple other reports, including the Business Council of Australia's Regulation Rumble, as outlined by the Premier last week, ranking South Australia as the best place in the country to do business.

The ANZ/Property Council survey for the June quarter showed that the South Australian property industry's confidence was the equal highest in the country here in South Australia, and the Housing Industry Association's most recent Housing Scorecard ranked South Australia in first place amongst all the states and territories for residential building conditions.

These are remarkable achievements for the South Australian economy and something that all South Australians should be proud of. It comes at a time when there are gathering global and national economic headwinds. I am pleased to say that as this state—along with all the other states and territories around the nation—confronts those global and national economic headwinds, we do so from perhaps the strongest position the state's economy has ever been in.

It just goes to show that when you've got a strongly led government providing confidence and leadership to the state's economy, then the economy responds, and I am very confident the Malinauskas Labor government will continue to deliver on this.