Three separate sets of official economic figures issued this past week paint a bleak picture of South Australia’s current economic performance, Shadow Treasurer Rob Lucas said today.
These Australian Bureau of Statistics (ABS) figures show:
• SA’s economic growth over the last year was the second worst of all states and territories
• SA’s business investment growth over the last year was the worst of all states
• SA’s unemployment rate was the second worst of all states
“ABS ‘State Final Demand’ figures are a key indicator of economic performance and growth,” Mr Lucas said today.
“South Australia experienced the second lowest growth in trend terms for all states and territories over the year to March 2006, as measured by State Final Demand, at just 3.0%.
“South Australia also trails the nation in terms of ABS ‘Private New Capital Expenditure’ figures which measure business investment, indicating business investment for the 12 months to March 2006 experienced the weakest growth of all states in trend terms.
“Business investment in South Australia in the 12 months to March 2006 was up 12.3% on the preceding 12 months, less than half the corresponding Australian business investment growth figure of 26.2%!
“ABS trend unemployment figures show South Australia’s unemployment rate was 5.4% compared to 5.0% nationally, with youth unemployment at 23.7% being the highest in the nation.
“In fact, if South Australia had been matching the national growth rate since March 2002 there would have been an extra 17,200 jobs created in South Australia.
“These latest economic growth figures further highlight that South Australia’s enormous tax burden under the Labor Government is holding back economic and jobs growth.
“Not only is the Rann Government now facing a budget in crisis and a series of broken election promises, it is now seeing the impact of its disastrous policies on the state’s economy.”
