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House of Assembly - Fifty-Third Parliament, Second Session (53-2)
2017-11-14 Daily Xml
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South Australian Economy

The Hon. P. CAICA (Colton) (14:49): Thank you very much, sir.

Mr Whetstone: Wake up.

The Hon. P. CAICA: I was wide awake, Tim, and grow up, Tim. Sir, my question—

The SPEAKER: The member for Colton is called to order by referring to the member for Chaffey, not once but twice, by his diminutive.

The Hon. P. CAICA: Yes, and that he is, sir. My question is to the Treasurer. Can the Treasurer inform the house about any new data on the state of business in the South Australian economy?

The SPEAKER: Can the Treasurer help the house with that?

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Finance, Minister for State Development, Minister for Mineral Resources and Energy) (14:50): Sir, I will do my best to assist. Today, two surveys have been published, which I know the member for Colton is keenly interested in, which give an encouraging picture of business in South Australia and completely contradict those critics who seek to undermine our economy and undermine jobs growth in this state.

First, the National Australia Bank monthly survey for October shows a six point lift in business confidence. South Australia and New South Wales were the only states to record an increase in the survey. In level terms, confidence in South Australia is on a plus 12 measure. It now has the strongest level of business confidence in the nation, ahead of New South Wales and Queensland—both are plus 9. Victoria are plus 5. Western Australia are plus 4.

Members interjecting:

The Hon. A. KOUTSANTONIS: Notice members opposite laughing and mocking? Tasmania are plus 2. The trend result for business confidence also improved for South Australia. While the monthly measure of conditions slipped in trend terms, business conditions improved to put South Australia second only to our largest state, New South Wales. The NAB monthly survey result is in accord with Business SA's statewide super survey, also published today, that showed a 4.1 point lift in the confidence index compared to the last survey taken in the previous quarter—and then they wanted to talk it down.

Interestingly, when asked about general business conditions in South Australia, the survey respondents said the September quarter had actually turned out to be better than they thought it was going to be and that they expected the December quarter to be even better again. These are extraordinary results, given that the survey reflects a period in this state's history when we have undergone one of the most severe economic shocks ever with the closure of the automotive manufacturing and assembly at General Motors Holden in Elizabeth.

Ever since the closure of Holden was announced, following the public goading of the company's leadership, the doom and gloom merchants have been out there spreading fear and forecasting disaster for South Australia. In contrast, the government have been working tirelessly to confront the problems head-on, providing assistance and incentives to business to work in collaboration with us to create jobs and grow the economy.

Our tax reforms, our incentives for homebuyers, our jobs accelerator grants and our other programs are working well. This government is getting on with the work of building a stronger, more diverse and robust economy, and this result shows that our work is paying off. Members opposite laughing about a great result like this is indicative of what they were really hoping for, which was a slump.

The SPEAKER: That does seem to be imputing improper motives to a group of people who seem strangely silent. The member for Stuart.

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