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Legislative Council - Fifty-Fourth Parliament, Second Session (54-2)
2021-12-01 Daily Xml
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State Economy

The Hon. D.G.E. HOOD (14:44): My question is to the Treasurer.

Members interjecting:

The PRESIDENT: Order!

The Hon. J.E. Hanson interjecting:

The PRESIDENT: The Hon. Mr Hanson, order!

Members interjecting:

The PRESIDENT: Order! I have called a member. He is on his feet. Conversations across the chamber, from both sides, are wasting question time. The Hon. Mr Hood has the call.

The Hon. D.G.E. HOOD: My question is to the Treasurer. Can the Treasurer outline South Australia's performance with respect to gross state product relative to other jurisdictions within the nation?

The Hon. R.I. LUCAS (Treasurer) (14:44): I am very pleased to be able to report to the house. I am sure all members will be very excited that the measures of economic growth, the commonly accepted one, which is gross state product (GSP), released last week—

Members interjecting:

The PRESIDENT: Order, the Hon. Mr Wortley!

The Hon. R.I. LUCAS: —showed that South Australia, in terms of its year-on-year increase in economic growth, was 3.9 per cent, which lead the nation comprehensively, and more than twice the national economic growth rate of 1.5 per cent—3.9 per cent compared to 1.5 per cent. Just as importantly, when GSP per capita was measured, again South Australia lead the nation. I think, more importantly, with these sorts of figures it's better to look at the trend line. I have had Treasury pull out for me the trend line in relation to the last 10 years.

Importantly, over the last seven years of the former Labor government, to 2017-18, South Australia's economic growth grew at less than half the rate of the national economy. For the last seven years of the last Labor government the national economic growth was 2.7 per cent; South Australia's economic growth was 1.1 per cent. I have spoken at length in relation to the ambition of this government that there is no earthly reason why economic growth and jobs growth shouldn't grow at in and around about the national average because under Labor it was around, I used to say, half, but this is significantly less than half the national economic growth rate.

I am pleased to be able to report that in the three years of the Marshall Liberal government, since 2018-19—so a three-year period, not just a one-year period—South Australia's economic growth has been above the national economic growth. National economic growth during that period was 1.2 per cent; South Australia's economic growth was 1.3 per cent. In seven years under a Labor government economic growth languished at significantly less than half the national economic growth rate.

In three years of the Marshall Liberal government, with a whole new strategy of economic and jobs growth, the economic growth in this state over a three-year period has grown at above the national economic growth rate. It's not just a one-off figure. It is testimony to a three-year performance compared with a seven-year abysmal performance under the former Labor government.

Members interjecting:

The Hon. R.I. LUCAS: Mr President, do we have to have a commentary countdown from the Leader of the Opposition in relation to timing? We actually have a clock.

The PRESIDENT: It's actually interesting: time keeping is about 30 seconds ahead of reality. I call the Hon. Mr Darley.

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