State Economy

The Hon. R.P. WORTLEY (15:49): After failing to reach pole position for 15 years of the quarterly economic report card put together by the Commonwealth Bank's online arm, South Australia was named the number one economy in the nation for three straight quarters in 2023-24. Even when we were recently relegated to second position, behind Western Australia, we were effectively beaten in a photo finish. In fact, CommSec still has South Australia leading the nation in real economic growth, with our economic activity 8.4 per cent above our long-term average output.

By whichever measure used, we remain a consistent leader in the economic race, well ahead of New South Wales and Victoria. It tells us that the Malinauskas government is doing a lot of things right. This government has built on the good work done by former Labor governments in getting the state moving. We have done this with massively improved road systems and a raft of new industry and infrastructure. The Australian Submarine Corp, Prominent Hill and construction work that is producing a well overdue vibrant city landscape are all adding to our economic success. We have made South Australia a destination state for business, investment, sports and the arts. Solid job markets and construction activity have been major reasons for our rise as an economic powerhouse throughout 2024-25.

The State of the States report has eight key economic indicators by which they judge each state's performance. South Australia is a leader in three of them: relative unemployment, dwelling starts and construction work done. Most of the interstate people that I talk to comment on Adelaide's remarkable transition. It is now a destination city, not just the big country town we were branded in years gone by. Labor is responsible almost exclusively for that transition. We built the roads. We took the initiative to finally address the nightmare that was South Road, and in a few years' time, when completed, it will be the best one side to the other road system of any city in Australia.

In fairness to the opposition, voters have not trusted them with as much time in office as Labor since the early 1980s, but they still had more than 16 years in office during that time, and in that time what did they do? They certainly did not get the state moving, preferring to keep things as they always were. Progress be damned: they have always been committed to the status quo.

On the other hand, former Labor governments made real changes, and the Malinauskas government has taken that to a whole new level. We only need to look at the past year alone to see the progress being made. Construction has commenced on a $200 million military hangar at the Royal Australian Air Force base at Edinburgh. Work is underway on a new $3.2 billion Adelaide Women's and Children's Hospital. We have also put $576 million towards creating new housing developments at Seaton in the western suburbs and Port Noarlunga in the south, and both will have a social housing component. We have rezoned land for a thousand new houses at West Lakes as well as at Hillier Park in the north and O'Sullivan Beach in the south.

These developments do not just provide essential housing, they deliver thousands of jobs that drive the economy. All of this is done with sound economic management, proving yet again that governments can be fiscally responsible and still get things done. Economists agree that the nod from CommSec is the sort of validation that encourages further investment in South Australia. It means we are not just a great place to live and go out on day trips to the Barossa Valley and Adelaide Hills; we have earned that credibility in the minds of interstate and overseas investors.

It also gives South Australian workers the confidence to stay here instead of heading interstate in search of opportunities. It keeps our young people here. After three years of this Labor government, the opportunities are right here in South Australia.