Latest job stats highlight importance of Government’s long-term economic reform agenda
Thursday, 15 August 2019
Today’s ABS job figures highlight the critical importance of the State Government’s long-term economic reform agenda to drive positive economic and jobs growth.
A record 856,300 people were gainfully employed in SA in July – a 1.6 per cent annual increase – meaning 15,700 jobs have been created since March, 2018.
Employment growth in the last year is higher than the average annual employment growth rate over the last 5 and 10 years.
In July, South Australia’s trend unemployment rate rose to 6.3 per cent (up 0.1 per cent), while the seasonally adjusted unemployment rate rose to 6.9 per cent (from 6 per cent).
“The headline figure for July is obviously disappointing and, although the trend data is more stable, it reinforces the importance of the Government’s long-term economic reform agenda to drive positive jobs growth,’’ said Treasurer Rob Lucas.
“That’s why we’re forging ahead with our sound economic policies, including payroll tax cuts, millions in land tax and ESL bill reductions and a significant $11.9 billion infrastructure program creating a pipeline of jobs.
“The job impact of the $90 billion in defence industry related work will also start to be felt by the end of the year.
“Recent independent surveys show SA business confidence remains strong, and we welcome news today of a $150 million to $180 million investment by one of the world’s largest wine companies, Treasury Wine Estates, into one of its Barossa sites, which augurs well for local jobs.
“Earlier this week, the NAB Monthly Business Survey revealed rising South Australian business confidence in July – with local businesses now the most confident in the nation in trend terms (+6 index points).
“The results also mirror the positive findings of the recent BankSA State Monitor survey (July), which also showed that SA business confidence remains strong.”
The local tourism industry is also booming, with Tourism Research Australia data out today showing a record 38,900 people are now employed in the sector in SA – a 4 per cent increase on the previous year. The industry now generates a record $7.2 billion into the state’s economy.
Recent positive economic and jobs announcements in SA which will improve future jobs numbers include:
- 500 jobs at Cocoon Group NDIS housing project
- 60 jobs at SupaShock’s new defence manufacturing facilities at Holden Hill
- 450 construction jobs and 120 ongoing at Adelaide Oval Hotel
- 600 jobs at new Hyatt Regency in the city
- 250 direct and 400 associated jobs at Neoen’s renewable energy generation facility