State Economy

Ms O'HANLON (Dunstan) (14:27): My question is to the Premier. Can the Premier update the house on the South Australian economy?

The Hon. P.B. MALINAUSKAS (Croydon—Premier) (14:28): I would be very happy to update the house, and I thank the member for Dunstan for her question. The member for Dunstan has a small business background and she understands that it is important for all concerned, everyone within our community, that the economy is performing well, albeit that the economy is not just about business exclusively; it is actually about improving people regardless of their position. To that end, today is an important day with the release of the National Accounts via the Australian Bureau of Statistics, which happens on a quarterly basis.

There are figures in fact that we see in all of the major news outlets and reports are coming through of how the nation's economy is performing. Thankfully, the ABS also breaks down the reporting of state final demand so that we can get a good look at how states are performing when it comes to economic growth. For the March quarter, which are the statistics released today, New South Wales went backwards. The New South Wales state final demand went backwards; Victoria went backwards; Tasmania went backwards; and the Northern Territory went backwards. Western Australia grew by 0.2 per cent, the ACT grew by 0.6 per cent and Queensland grew by 0.7 per cent. The national figure for growth was 0.2 of 1 per cent, which begs the question, of course, where does South Australia sit?

When it comes to state final demand, our economy grew by 1.3 per cent. We absolutely eclipsed—absolutely eclipsed—the rest of the country in the March quarter in terms of economic growth. In fact, more specifically, we grew by 6½ times the national rate in the March quarter. That is an exceptionally strong figure that I am sure the shadow treasurer is very happy about. I am sure the shadow treasurer is very, very happy about the March results, as I am sure everyone in the opposition is.

But, regardless of whatever their view is, what matters most is of course the view of the South Australian people, because the South Australian people well appreciate that if the economy is performing well it gives us the best possible opportunity to ensure that working people can get access to reasonable wage increases.

That is why, on this side of the house, we were very happy yesterday that the Australian Industrial Relations Commission—Fair Work Australia, I should say—handed down a 3½ per cent wage increase for the lowest paid workers in the country. On this side of the house, we would have been more than happy if that figure was north of that, but 3½ per cent does nonetheless represent a real wage increase for the lowest paid workers in the land.

But here in South Australia the ability for employers to be able to sustain that cost is better aided by having an economy that is performing well, which is why all of these things matter. An economy that is performing well for the economy's sake isn't good enough. An economy that is performing well that informs better and improved living standards is what we are occupied with on this side of the house. Nonetheless, the economy is growing. It is growing exceptionally well, at a rate that outclips the rest of the nation, and that is something that every South Australian has reason to be proud of.