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House of Assembly - Fifty-Second Parliament, First Session (52-1)
2011-09-14 Daily Xml
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SOUTH AUSTRALIAN ECONOMY

The Hon. S.W. KEY (Ashford) (14:22): My question is directed to the Treasurer. Could you advise the house on how South Australia's economy is growing in relation to the latest announcement of state final demand figures?

The Hon. J.J. SNELLING (Playford—Treasurer, Minister for Employment, Training and Further Education, Minister for Workers Rehabilitation) (14:22): I would like to thank the member for Ashford for her question—

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: —and her abiding interest in the question of state final demand, because just last week the Australian Bureau—

Members interjecting:

The SPEAKER: Order! I can't hear the Treasurer.

The Hon. J.J. SNELLING: —of Statistics released their national account figures, which include the national gross state product figures but also each state's final demand figures. I can tell the house today that in the June quarter South Australia's demand growth rose by 2 per cent, the second fastest growth rate of all Australian states. It puts South Australia's growth rate ahead of Western Australia, ahead of Tasmania, more than double the growth rate of Victoria, and more than ten times the growth rate of New South Wales.

The Australian Bureau of Statistics reported that new business investment in South Australia rose by 6.8 per cent in the June quarter to a record level while dwelling investment over the same period rose by 13 per cent. Public sector investment also rose to the tune of 8 per cent. I am sure that these figures are something that those opposite don't want to hear and more than likely they'll pretend that they don't exist, because we all know that there's no-one who likes talking down the South Australian economy more than the opposition.

Mr Goldsworthy interjecting:

The SPEAKER: Order, member for Kavel!

The Hon. J.J. SNELLING: I will name them: those who come to mind are the member for Davenport, the member for Unley, the member for Waite and, of course, the putative leader of the opposition, the member for Norwood. How disappointed they must be to read what the Australian Bureau of Statistics has to say about the South Australian economy. How disappointed they must be to read the ABS report only to see South Australia's state demand growth outstripping almost every other state in the country. How disappointed must the member for Unley have been when last week our employment figures came out, how disappointed when he saw that South Australia had—

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: —the second lowest unemployment rate of all the states—

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: —and well below the national rate. How disappointed the member for Waite must have been to see on Monday the ABS-released export figures which showed South Australia's annual export growth was the strongest of every single state.

The SPEAKER: Order! Point of order. Treasurer, point of order.

The Hon. P.F. CONLON: I understand this is excellent news and I can't hear it, so I would really like to be able to hear this very good news.

The SPEAKER: I understand your point of order.

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: Madam Speaker, we all know they don't want to hear it; it disappoints the opposition. What they find disappointing is news showing that the South Australian economy is performing very strongly.

Members interjecting:

The Hon. J.J. SNELLING: Why would they be disappointed with this being news that they don't want to hear?

Mr Pengilly interjecting:

The SPEAKER: Order, member for Finniss!

The Hon. J.J. SNELLING: It is because, despite their carping—

Mr WILLIAMS: Point of order, Madam Speaker.

The SPEAKER: Point of order, the member for MacKillop.

Mr WILLIAMS: I believe the Treasurer is now debating the answer to the question.

Members interjecting:

The SPEAKER: I would ask the minister to return to the substance of the question.

Members interjecting:

The SPEAKER: Order!

Mr WILLIAMS: He said, 'Why would they be disappointed,' and then proceeded to make argument.

The SPEAKER: Thank you. I have asked the Treasurer to return to the substance of the question.

The Hon. J.J. SNELLING: I will conclude my remarks by saying this: South Australia is performing very well; we are doing very well considering what is happening in the world economy at the moment. I know that this disappoints the opposition because, more than anyone else in this state, it is those opposite who want to see the South Australian economy fail, so how disappointed would they have been with what came out last week?

Members interjecting:

The SPEAKER: Order!

The Hon. J.J. SNELLING: The answer to that is: very.

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