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House of Assembly - Fifty-Third Parliament, First Session (53-1)
2014-06-04 Daily Xml
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State Final Demand

The Hon. I.F. EVANS (Davenport) (14:42): A supplementary question to the Treasurer: what is the impact on the budget of state final demand annual growth of 0.4 per cent released by the ABS, given that the January state budget update forecast state final demand growth of some 2.25 per cent for the 2013-14 year?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy, Minister for Small Business) (14:42): The one aspect that the member for Davenport is not taking into account is the underlying metrics of the economy, which are quite strong. What we are seeing is new housing building approvals up quite dramatically, and we are seeing exports at record levels. The economy is doing exceptionally well. Government spending is down but, mind you, that is something that the opposition have been calling on us to do and now they are lamenting it, which I find interesting.

The reality is that there is a twofold problem here. Consumption amongst South Australian households is up and, quite cleverly, immediately after the last federal election, Treasurer Hockey and the Prime Minister were doing all that they could to instil confidence in the economy across the country to try to get spending up, and that has been largely reflected in the GST. But what has happened since the commonwealth budget is that those consumer indexes, those indexes that show consumer confidence, have plummeted because people are terrified of what the commonwealth is doing.

Quite frankly, that is why premiers like Campbell Newman, Mike Baird and Denis Napthine are all of one voice with the Labor Premier here in South Australia crying out against these cuts to the economy, because they are frightening people and people are withdrawing from the economy and spending less. They are hitting confidence, and hitting confidence hurts our economy.

So I would ask members opposite to speak to their commonwealth colleagues about what they are doing to the strength of our national economy, because we need that strength, we need that resilience so that people can go out and spend and be confident about their economy, because South Australians are doing the hard work. Our farmers are doing the right thing; they are being very industrious. They are doing excellent work by growing our economy and increasing exports. Our miners are doing it tough. Exploration in minerals is down but in petroleum it is up. That is why we don't need any unnecessary inquiries into unconventional gas just to try to win one seat, which is a dent to confidence.

What we do not need is people talking down the economy. What we need is people talking up the economy. We do not need people saying that we are constantly in a recession, constantly talking down this state. We need people to be champions for South Australia, champions for their regions, not celebrating every time there is an ABS stat they can pull out of thin air and say, 'This ABS stat says we are doomed. It is all over. We are finished.' Never mind exports are up, never mind unemployment has gone down, never mind those statistics. Quite frankly, this economy is in good shape. People are spending, new housing approvals are up, the tax cuts are working, and members opposite are doing all they can to try and rain on our parade because they do not want to see South Australia succeed.

Members interjecting:

The SPEAKER: The member for Schubert is warned for the first time.

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