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House of Assembly - Fifty-First Parliament, Second Session (51-2)
2008-03-05 Daily Xml
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BUSINESS INVESTMENT

Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (14:36): My question is to the Premier, as Minister for Economic Development. Can he tell the house why there has been a sharp downturn in business investment growth and state final demand growth over the past 12 months, and the past quarter in particular, and what are the implications for state economic performance, wages and standard of living, compared to other states? ABS national account figures, released at 11am today but clearly not read by the Treasurer, show that South Australia's final demand growth was the slowest of all states in the December quarter and over the last 12 months, with a national growth at 5.3 per cent but with SA's growth constrained to 1.8 per cent. Today's figures also show that, while business investment in seasonally adjusted terms has risen 12 per cent nationally in the past year, in South Australia business investment fell by 4 per cent, and investment performance outcome, which is 16 per cent below the national average. Read the figures of today.

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations) (14:37): I am happy to very closely scrutinise the—

Members interjecting:

The SPEAKER: Order!

Mr Williams interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: I will have the data that the opposition leader has thrown into the house today properly scrutinised and we will see whether or not he is properly presenting that data. But as I said—

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: Clearly the Leader of the Opposition was not listening to my answer earlier. As I said to the house, I have the state final demand figures for the December quarter—so I am not sure what data he is referring to, but I will have that checked—which show growth of 1.5 per cent for the December quarter, consistent with the national average final demand figure of some 1.6 per cent. So, let's see what comparison we are making when we come to those numbers. I am not going to repeat the lengthy answer I gave previously. Obviously the leader was not able to rearrange his questions. But, honestly, for anyone to be wanting to give the impression, regardless of what the person as the leader sees as some form of political advantage—nobody can deny the fact that at present our economy is extremely strong, extremely robust.

The Hon. M.D. Rann: Best it's ever been.

The Hon. K.O. FOLEY: Best it's ever been. Business investment has never been higher, and the projects—

Members interjecting:

The SPEAKER: Order!

Members interjecting:

The SPEAKER: Order!

The Hon. K.O. FOLEY: The labour market in this state is very, very tight; unemployment has never been lower, certainly for many, many years. I think it is the lowest on record.

The Hon. P.F. Conlon: We have had the highest jobs growth.

The Hon. K.O. FOLEY: We have had the highest jobs growth ever.

Ms Chapman interjecting:

The Hon. K.O. FOLEY: What's it in your electorate, Vickie?

Ms Chapman: Ten per cent youth unemployment in the Premier's electorate. Don't ask him.

The Hon. K.O. FOLEY: I guess that when you represent the suburb of Burnside you don't have the social problems.

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