Employment Figures

Mr TELFER (Flinders) (15:13): My question is to the Treasurer. Is the Treasurer aware of the August employment forecast for South Australia from Deloitte Access Economics and, if so, what actions is he undertaking to address concerns raised in this report? With your leave, sir, and that of the house, I will explain.

Leave granted.

Mr TELFER: Deloitte's August employment forecast shows a decline equivalent to 13,300 workers this financial year.

The Hon. S.C. MULLIGHAN (Lee—Treasurer, Minister for Defence and Space Industries) (15:14): Yes, I am aware of those economic forecasts not only from Deloitte Access Economics but from other leading national economic commentators, which are aligned with the projections in the federal budget papers that the national unemployment rate is due to increase because that is what happens when the Reserve Bank is increasing the cash rate as fast as we can all remember in recent memory in an effort to get inflation under control. The Reserve Bank is increasing the cash rate to influence mortgage rates and to slow down the level of consumption both by households and the business sector to get inflation under control.

Of course, when you are running a restrictive monetary policy setting like the Reserve Bank is at the moment, that usually has a corresponding impact on the unemployment rate here in Australia. That is likely to be the case by and large across the states and territories as well.

What I am pleased to say is I think the advice that I have been given recently is for nearly half of the months in calendar 2022 and in calendar 2023 South Australia's unemployment rate had a three in front of it—a record low. We have shrugged off that stigma which was placed around the shoulders of South Australians by the previous government of having persistently the highest unemployment rate in the nation. I am pleased in that context that we sit with the pack.

The member for Morphett says, 'We had a three in front of it' when in fact the unemployment rate was 4.9 per cent at the time of the last election. I am not quite sure which digits he uses when he counts, if they are hands or feet, but 4.9 is somewhat higher than something with a three in front of it—somewhat higher. We have not only had the unemployment rate lower in this state than what we have ever seen before in the state's history but for the majority of the time that we have been in government it has been substantially lower than historic records with a corresponding increase in employment.

We are proud of that economic record. As the Premier said before question time, it is a real achievement for the first time in the 14 years since records have been kept that our state has been ranked number one in the nation by the CommSec State of the States report, and not just once, not a one-off, three times in a row—three times in a row.

I understand the interjections from the deputy leader. We all refer to the new Leader of the Opposition as the new Leader of the Opposition. The deputy refers to him as the current one because he likes to swing between opposition leaders.

The Hon. A. KOUTSANTONIS: Yes, the loyal deputy.

The Hon. S.C. MULLIGHAN: To hang on to them. The ever-loyal deputy, maintaining his position.

The Hon. A. KOUTSANTONIS: With friends like John.

The Hon. S.C. MULLIGHAN: That's right, with friends like John. We are proud of the state's economic record since we have been in government. We are proud that we have maintained our election commitments. We are proud that we haven't increased taxes and we are proud, in fact, that we have cut them.