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House of Assembly - Fifty-Fifth Parliament, First Session (55-1)
2023-05-30 Daily Xml
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State Economy

Mr FULBROOK (Playford) (15:04): My question is to the Treasurer. Can the Treasurer update the house on ANZ's recent Stateometer report and what it says about the state of the South Australian economy?

The Hon. S.C. MULLIGHAN (Lee—Treasurer) (15:04): I am grateful for the question from the member because there was further good news released last week about the performance of the South Australian economy. Last week, ANZ released their Stateometer report for the March quarter of 2023. I am pleased to report to the house that it showed, while all jurisdictions are starting to see slowdowns in their economies' growth, South Australia's slowdown has been less severe than other states and territories.

ANZ notes that the health of South Australia's businesses as measured by both AIG's industry index and NAB's business survey is faring far better than the national average. The report also notes the most recent CPI figures showed slower quarter-on-quarter growth in Adelaide's prices than the average of most of the capital cities.

Mr TARZIA: Point of order.

The SPEAKER: There is a point of order from the member for Hartley, which I will hear under 134.

Mr TARZIA: This release appears to have been loaded to the internet on 26 May and it's now in your inbox. The minister seems to be repeating what is already in the public domain.

The SPEAKER: I will endeavour to obtain a copy of the material the member has sent to me; however—

Members interjecting:

The SPEAKER: Order! The member for Florey and the member for Flinders will cease their exchange. The member for Wright is called to order. I don't immediately have access to that material, but I will keep the point of order in mind. I will endeavour to take in the material that the member provides to me.

The Hon. S.C. MULLIGHAN: It's like a little dose of 2014 again, isn't it, except without our friends Stephan and Sam to assist the member for Hartley in those points of order. Those were salad days and they are right back where they deserve to be.

This means that inflation was easing faster than in the rest of the country in the March quarter, which of course is welcome news given the high rates of inflation that South Australia has been experiencing. ANZ also attributes our above-average economic performance to South Australia's employment market, goods exports and retail spending growth being stronger than national averages. When it comes to retail spending, last week also saw the ABS release their retail trade figures for April.

More than $2.28 billion was spent in April in South Australia according to the bureau. This means that retail trade growth through the year in South Australia was 7.6 per cent in seasonally adjusted terms. This was easily the highest in the nation and significantly above the national average of 4.2 per cent. Only South Australia, Western Australia and Queensland recorded positive growth in retail trade in April. The ABS attributes the strength of our growth in retail sales to the AFL Gather Round and LIV Golf tournament. The ABS said:

Turnover is at a record level in South Australia following three straight rises of 0.6 per cent and boosted by the inaugural AFL Gather Round and LIV Golf Adelaide tournament this month.

What a remarkable endorsement from the independent commonwealth government statisticians, the Australian Bureau of Statistics.

Praise for the South Australian economy is not just limited to the ANZ. CommSec of course has also recently noted that the South Australian economy ranked second in the nation, driven by higher than average population growth, construction activity and private business sector equipment investment. Business SA also confirmed the impact that major events are having on the South Australian economy. Business SA attributes South Australia's business confidence to being higher than the national average due to the return of the Adelaide 500 and also the introduction of the AFL Gather Round and the LIV Golf tournament. Business SA also noted that an overwhelming 77.9 per cent of survey respondents viewed large-scale events as beneficial to business in the state.

It is worth just recounting for the benefit of the house the effort referred to earlier by the Minister for Tourism, not only the VAILO Adelaide 500 but also the new Harvest Rock Festival, expanding the Adelaide Fringe Festival, the new AFL Gather Round, LIV Golf and bringing back another important event which was so callously cut by the previous government—you remember the previous government not having a dedicated minister for tourism; instead, it was the Premier who wanted to indulge in a Festival for the Curious—the Adelaide Motorsport Festival, another resounding success here in South Australia.

The SPEAKER: Before I call the member for Morialta to dispose of the point of order raised by the member for Hartley, I observe that it has been the practice of the house to prevent members from reading in material in the public domain, but I also observe that the Treasurer appears to have departed from any content that was exclusively in the public domain.

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