South Australia's economic growth above trend: latest ANZ survey
Wednesday, 20 November 2019
South Australia is the only state in the nation to record ‘above trend’ economic growth, according to independent analysis by ANZ Bank, with the fast-tracking of major SA road and rail infrastructure projects set to create more jobs and drive further investment.
The ANZ Stateometer survey - released last night - shows that while momentum in SA slowed during the September quarter, this was largely due to a “short-term” lull in major project activity which was being addressed with the state’s $11.9 billion pipeline of infrastructure projects – and boosted by the Federal Government’s fast-tracking of funding for $415 million of key metropolitan and regional projects.
“Sections of the North-South Corridor have been completed, creating a soft spot in major project activity, but from 2022-23 the final two sections get underway,’’ the report says.
“Further defence spending is also on the horizon and the $400 million in public road project funding has been brought forward.’’
Treasurer Rob Lucas said that driving strong economic and jobs growth was a key priority of the Marshall Liberal Government.
“These results underpin the importance of the Marshall Government’s positive economic reform agenda, to drive further economic and jobs growth in the key areas of defence, space and cyber as well as tourism and agribusiness industries,” said Treasurer Rob Lucas.
“We know there’s always more work to be done. That’s why we’re forging ahead with our sound economic policies, including a significant $11.9 billion infrastructure program creating a pipeline of jobs, while the job impact of the $90 billion in defence industry related work will also start to be felt soon.
“The Federal Government’s fast-tracking of funding for $415 million of critical city and regional road projects is absolutely welcome, and will drive jobs, boost the economy as well as make our roads safer.
“We’ve also abolished payroll tax for all small businesses, cut ESL bills by a massive $90 million a year and forecast water bill reductions from July 1 next year, while our proposed land tax reforms - which reduce the top land tax rate from a national high 3.7% to just 2.4% - will also drive further investment and jobs growth.”