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House of Assembly - Fifty-Second Parliament, Second Session (52-2)
2013-11-28 Daily Xml
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Ministerial Statement

ECONOMIC GROWTH

The Hon. J.W. WEATHERILL (Cheltenham—Premier, Treasurer, Minister for State Development, Minister for the Public Sector, Minister for the Arts) (14:28): I seek leave to make a ministerial statement.

Leave granted.

The Hon. J.W. WEATHERILL: Today the Australian Bureau of Statistics released the state accounts for the 2012-13 financial year. These accounts show that the South Australian economy grew by 1.3 per cent in real terms. This is in line with the June budget estimate of 1.25 per cent. While the national economy grew at 2.6 per cent, supported by Western Australia with 5.1 per cent and Queensland 3.6 per cent, Tasmania contracted 0.6 per cent, Victoria grew 1.6 per cent and New South Wales 1.8 per cent. In per capita terms South Australia's GSP rose by 0.3 per cent in 2012-13 (fourth highest of the states). Following a rise of 0.9 per cent of the previous year, national per capita GDP rose by 0.8 per cent in 2012-13.

These results show that the South Australian economy is still feeling the effects of the global financial crisis. However, in the face of challenges such as the high dollar, a declining manufacturing sector and soft private sector capital investment, our economy is still growing. The economy saw gains of 4.2 per cent in the construction sector, 3.2 per cent in the mining sector, 3.9 per cent in the education and training sector, and 4.9 per cent in the healthcare sector. These numbers vindicate the government's decision to continue investing in our economy, a decision those opposite have called a 'false economy'.

Components detracting from our economy last financial year include dwelling expenditure, showing we still have some way to come to recover housing activity levels and public investments. However, our record infrastructure program of $2.1 billion this year is clearly supporting economic activity. Clearly, the role of our investment program to underpin economic activity is critical in these current economic times.

Today's state accounts will be heartening to all South Australians with an interest in our economy and in building our future. They show pleasing resilience in the face of current challenges. They will also be a major disappointment to the opposition, which has staked its economic credibility on these numbers showing South Australia being in recession.

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