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Legislative Council - Fifty-Fourth Parliament, First Session (54-1)
2019-09-25 Daily Xml
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Land Tax

The Hon. F. PANGALLO (14:40): I seek leave to make a brief explanation before asking a question of the Treasurer regarding land tax.

Leave granted.

The Hon. F. PANGALLO: Today's BDO SA State Business Survey of 177 businesses shows business confidence in South Australia has plummeted to its lowest level in five years. Eighty per cent believe the economy is either stagnating or going backwards, double last year's figure and the highest since 2015. Forty-nine per cent believe the tax reforms announced by the Treasurer were unfair. Considering it has now been 100 days since the Treasurer first announced the land tax reforms, my questions to the Treasurer are:

1. Does he take comfort in the results of the survey?

2. Does he bear responsibility for the negative, gloomy feeling from the business sector and the community?

3. Will he now rethink his plan of pushing his reforms through before it is considered by a parliamentary inquiry?

The Hon. R.I. LUCAS (Treasurer) (14:41): Can I respond to the last question: no, we won't be. I thank the honourable member for his questions. We are always interested in any surveys or indeed public commentary, media commentary of either investor confidence, investor views in the South Australian economy or, indeed, any other area as well.

The BDO survey to which the member has referred is one of many surveys. I refer the honourable member to the recent ANZ Stateometer, which highlighted—and this is well post the budget—that the South Australian economy was the only economy operating in what they referred to as the top right-hand quadrant—that is, accelerating and with momentum. This was a survey done of all states, not just looking at the state of South Australia, done by the national body, the ANZ. It is a regular publication that is produced, which compares sentiment and conditions not only in South Australia but with other states and territories as well. When one looks at the ANZ Stateometer, it is in stark contrast to the views expressed by the 170-odd firms surveyed by BDO.

We welcome all commentary in relation to investor views. I referred briefly yesterday but didn't have the actual copy of the article, but let me refer to the views of someone outside of South Australia in relation to the property market, investment market in South Australia. Quintessential Equity, as I said yesterday, have a $150 million capital raising, looking for new investment opportunities. Let me quote their executive chairman, Shane Quinn, who says Adelaide is a particularly attractive investment destination for their $150 million. He said:

Adelaide has benefited from significant overseas and interstate investment in the last year, a sign of confidence in South Australia's economy that has been growing consistently for the last decade.

Quintessential Equity, as I indicated yesterday, recently bought—I didn't mention the exact location—431 King William Street for $43.1 million from Adelaide property developer Mr Makris. They have indicated the investment climate in South Australia is particularly attractive for people who are wanting to invest in state and regional economies.

So the answer to the honourable member's question is no, we don't subscribe to the gloom and doom of some in the state's economy. There are many who want to talk down South Australia's economic performance for their own purposes. They are entitled to do so. But equally, we don't have to agree with those particular views. We are entitled to quote the ANZ Stateometer as a reputable, independent, nationally based comparison of economic performance in South Australia with all other states and territories, to look at people and individuals and organisations with large lumps of money looking to invest that money somewhere who say that South Australia is a particularly attractive place at the moment to invest.

I would encourage the Hon. Mr Pangallo, rather than perhaps just picking up those who subscribe to the doom and gloom view of South Australia's economy and its future, to occasionally have a look at some of the more optimistic assessments. It would do wonders for his health, I am sure, and it would do wonders for his outlook on the state's economic future and the prospects for young people in particular in terms of future economic growth in South Australia.

The PRESIDENT: The Hon. Mr Pangallo, a supplementary.

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