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House of Assembly - Fifty-Fifth Parliament, First Session (55-1)
2023-07-06 Daily Xml
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Business Confidence

The Hon. L.W.K. BIGNELL (Mawson) (15:06): My question is to the nightwatchman, the Treasurer. Can the Treasurer update the house on business confidence levels in South Australia and how we compare to the rest of the nation?

The Hon. S.C. MULLIGHAN (Lee—Treasurer) (15:06): I thank the member for Mawson for his question and, of course, I will endeavour, as I always do, to stay in my crease. I am very pleased to update the house about this information because today we saw the release of the ANZ Property Council Survey for the June quarter, and it showed the rise in confidence of the South Australian property industry to be the highest in the nation. There is more confidence in South Australia to equal highest in the nation, along with Western Australia.

This increase in property industry confidence was driven by strength across a range of indicators. South Australia recorded the strongest expectations for staffing levels of all the states. The South Australian property sector has the second highest expectation for their forward work schedule in the nation.

South Australia recorded the second highest expectation for state economic growth, and expectations for debt financing availability are the best in the nation. South Australian capital growth expectations are the strongest in the nation for industrial, retail, retirement living, hotel and office properties. The South Australian state government performance remained strong, with state government performance ranked second in the nation only behind Western Australia.

Helping to drive the South Australian property industry's confidence is undoubtedly how the government continues to address key issues of importance to the property sector. Recently in the state budget we presented a $474 million housing package and, importantly, at the same time, no new taxes or tax increases. It is always really important for the South Australian property sector to have confidence and certainty from their state government when it comes to property taxes—a lesson well learnt in this state over the last five years.

The budget was well received, with the Property Council's executive director, Bruce Djite, commenting:

We certainly welcome and applaud the Government for the housing measures that they've introduced in this budget.

Business confidence, of course, in South Australia is not limited to the property sector. Business SA's Business Expectations Survey showed that South Australian business confidence rose in the March quarter of this year, despite falling nationally. Business SA suggests that the rise may have been influenced by large-scale community events, the AUKUS announcement and the state economy's recent strength.

More broadly, the National Australia Bank's quarterly SME business survey for the March quarter showed an improvement in confidence in South Australia but also a deterioration nationally—once again South Australia performing well in the national economic context. NAB's monthly business survey for May shows confidence improved in South Australia but fell in all other surveyed states in seasonally adjusted terms.

This is undoubtedly good news for the state's economy, further good news of course on the back of such strength over the last 12 months. But we have to be clear: the nation is facing mounting economic headwinds and South Australia won't be immune from that. I am pleased to report to the house that as we enter this period of uncertainty, as we enter this period of growing economic headwinds, South Australia starts from a very, very strong position, of course, with the economy and the state well led by the Malinauskas Labor government.

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