SA going through exciting and disruptive economic transformation

In the annual State of the State conference, Mr Weatherill outlined the long term challenges facing South Australia and the solutions achievable as part of the new state budget for 2016 and 2017.

Mr Weatherill also outlined the positive aspects of the State’s progress, despite what he termed as “false representation by the media”.

“Seven thousand more people employed today than this time last year (in South Australia)…Every single month in the last 10 months more people were employed in SA,” he said.

“Overseas goods exports are up on last year, international visitor expenditure rose 26 per cent in 2015 and retail turnover reached record levels in nominal terms in May.

“In the area of housing, trend dwelling approvals have risen for five consecutive months and the number of housing finance commitments by owner-occupiers rose for the 12th consecutive month in May.

“Commsec released a State of the States report which had SA rising two positions to fifth place in its Australia wide rankings, the third highest state.

“A recent ANZ property council survey found that confidence levels in our local property sector are 13 points higher than they were one year ago, bucking a national trend which is in the opposite direction.

“KPMG 2016 competitive alternatives report ranks Adelaide as the most competitive city surveyed in Australia, ahead of Melbourne, Sydney and Brisbane.

“Of course we have our challenges – we have unemployment which is too high – but consider this: we are projected for the next four years for continuing employment growth.”

Mr Weatherill also outlined the tax concessions for businesses as part of the state budget, supporting local businesses in expanding and reinvesting.

“Last year, we delivered $670 million in tax reforms… This year, we’re not only expanding and extending tax relief, but going further by introducing initiatives that will provide incentives to business to employ more people,” he said.

“These include the $109 million Jobs Accelerator Grant scheme – which involves the provision of grants of up to $10,000 to eligible companies that hire new staff.

“Another key element of the Budget is our investment of $80 million to support entrepreneurs and start-ups, attract venture capital and encourage firms to relocate to South Australia.”

Mr Weatherill also outlined the positive trends associated with the Budget for South Australia, such as the strengthening of tourism, education, renewable energy, defence and infrastructure.

“Such investment is also essential if we – as a State – are to become a world-recognised ‘testbed’ for innovation and are to maintain our global leadership in sectors such as renewable energy,” he said.

“So we in South Australia must become more nimble, more outward-looking and more economically dynamic.

“We’re going through a process of economic transformation that’s both disruptive and exciting.

“And we’re feeling the effects of rapid economic change earlier and more keenly than many other places in Australia and across the world.

“We’re going to keep building South Australia so that – together – we can realise our enormous potential and create a bright future for our young people.”