Deloitte Access Business Outlook Paints Positive Picture Of South Australia’s Economy

Deloitte Access Business Outlook Paints Positive Picture Of South Australia’s Economy

South Australia Treasurer Rob Lucas

South Australia Welcomes Latest Job Creation Deloitte Report

Victor P Taffa

Marshall Government has welcomed the latest Deloitte Access Business Outlook which paints a positive picture of South Australia’s economy, underpinned by strong export and commercial construction sectors and buoyed by near-record jobs growth as well as a massive surge in the number of people willing to work.

In fact, the national report released today says South Australia is ‘surfing the strongest lift in the willingness to work that Australia has seen in some years.’

It describes the state’s current unemployment rate as the ‘gap between two good news trends’ a rising number of jobs, and the rising number of South Australians wanting to work.

“Overall job growth remains pretty solid, but it has been overtaken by the increased willingness to remain in work by those aged 55 and over.” the report said.

 

“Although that combination has seen unemployment lift, it’s better understood as the fastest increase in the State’s workforce since the mid 1980’s, and one that has returned the State’s participation rate to the best recorded since the global financial crisis (and within a whisker of being the best recorded in many decades).

Since the election of the Marshall Government in March 2018 nearly 15,000 more South Australians are in work, of which nearly 10,000 are employed full-time.

About 1,000 jobs have been created each month under the Marshall Government, which is nearly double the jobs growth rate under the former Labor government.

Treasurer Rob Lucas said, while there was more work to be done, the report showed the reformist Marshall Government’s strong economic agenda including a significant $11.9 Billion infrastructure pipeline, strategic population growth and cuts to payroll tax, ESL and land tax was having a positive impact.

“Government welcomes this report which shows South Australia’s economy has a solid growth outlook.” Treasurer Lucas said.

“We are committed to further increasing the number of jobs our economy is creating to match the growing number of South Australians willing to work.”

“Job opportunities from the $90 Billion defence ship building program, the opportunities in the space and cyber, creative industries and innovation precinct at Lot Fourteen as well as a significant $11.9 Billion infrastructure pipeline will also assist job seekers in South Australia.”

“While there’s always more work to be done, this positive outlook from Deloitte provides a stark contrast to the ‘doom and gloom’ being promulgated by the Property Council and its supporters who seem intent on trying to talk down the local economy.” Treasurer Lucas said.

It comes as the State Government will this week introduce to Parliament its Land Tax (Miscellaneous) Amendment Bill 2019, which will reduce the top land tax rate from a national high 3.7% to an unprecedented 2.4%, which will drive further positive economic and jobs growth, boost consumer and business confidence and make South Australia a far more attractive proposition for investors.

Abbreviations:

ESL                 Emergency Services Levy