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Legislative Council - Fifty-Fourth Parliament, Second Session (54-2)
2020-12-02 Daily Xml
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State Economy

The Hon. D.G.E. HOOD (14:31): My question is to the Treasurer. Will the Treasurer outline to the chamber details of the ABS figures released today on the strength of the economic recovery in South Australia?

The Hon. R.I. LUCAS (Treasurer) (14:31): I am sure all honourable members will be very excited at the figures released today by the Australian Bureau of Statistics in terms of economic growth. The figures released today are the state final demand figures for the September quarter. What they show in South Australia is a massive 6.7 per cent rise in the three months to the end of September, which is a very clear indication, as we hopefully start the emergence from COVID-19 and the pandemic and we start our economic recovery, that these are very positive signs from the state's viewpoint.

I think the more encouraging aspect is that massive 6.7 per cent rise is compared with the national figure of 4.5 per cent. From that viewpoint, that massive increase of 6.7 per cent is enormously encouraging for local businesses. As I have said before, one of the key challenges for South Australia as we seek to emerge from the pandemic—and we have embarked upon a two-year economic stimulus package, which has been outlined in the recent budget—is the aspect of confidence in the community.

It is easy for the naysayers to jump on every small hiccup or setback in terms of whether or not you should be wearing masks and what sort of mask it is and all those sorts of details that people want to concentrate on, but the key aspect in relation to this is to try to engender in the community confidence that we are on the road to recovery, that they have a government and a Premier with a clear vision for what we need to do over the coming two years in terms of jobs recovery and economic recovery.

A key aspect of that is confidence for households, for the vast majority of those who still have jobs and who still have the capacity to spend, to be encouraged to return to their old spending patterns in terms of consumption. One of the enormously encouraging aspects of these most recent figures is that household consumption spending is up a massive 11 per cent in terms of South Australian household consumption spending.

As restrictions are easing, as the economy continues to open up, South Australian spending on dining out, entertainment, tourism, retail and other consumer goods is starting to show important signs of economic recovery. That is important from the household consumption viewpoint, but also we need to see—and this will be tougher understandably from a business viewpoint—a return of confidence so that businesses can be confident about improving business investment figures in the future, and those figures are stickier, to use a colloquial word, in terms of encouraging businesses, understandably to—

Members interjecting:

The PRESIDENT: Order! There is a conversation going on immediately opposite the Treasurer, who is on his feet, and I would ask that that perhaps be taken out of the chamber. The Treasurer has the call.

The Hon. R.I. LUCAS: Business investments—

Members interjecting:

The Hon. R.I. LUCAS: At least you are not throwing a shoe at me; it is only your glasses. We are in Australia, not in Iraq. Business investment is important in terms of the state's economic recovery, and it is important that there is improved confidence from both the household and the business sector as we seek to map the road to recovery in South Australia.

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