Banking Report Highlights South Australia’s Economy December 2018 Quarter

Banking Report Highlights South Australia’s Economy December 2018 Quarter

South Australia Treasurer Rob Lucas

South Australia Standout Economy From ANZ Stateometer Report

Victor P Taffa

Marshall Government has welcomed the latest ANZ Stateometer report which shows South Australia’s economy was the standout among all states and territories.

South Australia experienced above trend growth and improving economic conditions in the December 2018 quarter.

“It’s encouraging to see another report showing the strong performance of the South Australian economy, with business activity both above trend and accelerating at the end of last year.” Treasurer Rob Lucas said.

“Significance of independent national reports like this should not be underestimated. It is a clear message to potential national and international investors that South Australia is open for business and they should be taking a closer look at opportunities in South Australia.”

 

“While there is always more work to be done to ensure continued economic growth and the creation of more local jobs, we’re confident this momentum will be maintained following our positive move to abolish payroll tax for all small businesses.” Treasurer Rob Lucas said.

Marshall Government is pursuing a strong growth agenda for South Australia with other key jobs creation measures over the next 4 years including:

  • $157.2 Million to cut payroll tax for all small businesses
  • $95.9 Million to reduce land tax from 1 July 2020
  • $360 Million in cuts to the Emergency Services Levy from 1 July 2018
  • $202.6 Million investment with the Federal Government for the Skilling South Australia initiative
  • Record $11.3 Billion infrastructure spend; and
  • Initiatives to reduce electricity, water and workers compensation costs

ANZ Stateometer report which also highlighted buoyant business conditions in South Australia follows endorsement by one of the nation’s leading commercial property executives of the Marshall Government’s strategic jobs creation policies and strong commercial property sector.

“I see investors are coming back to the Adelaide market… it’s got some healthy growth. The demographics are right and they have good government strategies around the kind of jobs they are trying to get there.” CBRE Executive Managing Director New South Wales Amanda Steele was reported in the Australian Financial Review to have told an industry panel discussion last week.”

“Couple these measures with the establishment of the Australian Space Agency headquarters at Lot Fourteen and many other jobs creation opportunities on this site, and it’s clear to see that South Australia is an increasingly attractive investment destination.” Treasurer Lucas said.

“Marshall Government will not rest on its laurels, and while economic surveys such as this are always welcome news for business and consumer confidence, it’s critical we have balanced budgets to allow us to make these investments to grow our economy and create more jobs.”