South Australia Shadow Minister for Mineral Resources Mitch Williams
Mining Slumps Under Labor
Victor P Taffa
Investment in the South Australian Mining Industry has collapsed with spending over the year to September 2010 down a staggering 45 %.
According to the South Australian Centre for Economic Studies (SACES) December 2010 Economic Briefing, released today:
“Business investment spending in South Australia has weakened over the last year and was at its lowest level for several years. The primary cause for this would appear to be a sharp reduction in investment by the mining sector… the outlook is uncertain.”
Mitch Williams, Shadow Minister for Mineral Resources said that under the Rann Labor Government investors had lost confidence about the future of the Mining Sector in South Australia.
“Under the Rann Labor Government there has been no South Australian ‘mining boom’ just more spin and rhetoric from the Premier.” Mr. Williams said.
“The Premier is asking South Australians to trust that he can deliver a Mining Boom but he has presided over a steady decrease in investment.”
“While the Premier continues with his rhetoric and spin mining companies are voting with their feet by investing in States where Governments have invested in infrastructure to support the Mining Sector.” Mr. Williams said.
“The most important issue for mining development in SA is the lack of a deep sea export port with a bulk loading facility.” Mr. Williams said.
The SACES Economic Briefing also revealed;
Over the last 10 years SA has lagged National Economic Growth, growing at an average of 2.8% per year compared to national average of 3.1%.
SA’s spending growth has “slowed significantly through 2010”. Business Investment is the “weakest component” of spending at present.
- South Australian Business Investment Spending was at its lowest level since 2004-05.
- South Australian Newspaper Job Advertisements fell 27% through the year to November.