Official ABS figures released today show South Australia has the second worst economic growth figures over the last year.
“The ABS State Accounts data shows SA’s economic growth (GSP) in 2009-10 was only 1.5 per cent compared to national economic growth of 2.3 per cent,” Shadow Minister for Finance Rob Lucas said today.
Real GSP Growth 2009-10
“This slow level of economic growth explains why the recent unemployment figures show SA has the highest unemployment rate (5.5 per cent) in the nation,” he said.
“No amount of Rann Government spin can hide the fact that their policies of high taxes and business charges, such as WorkCover levies, are stunting economic and jobs growth in SA.
“Government policies of slashing assistance to small and medium sized companies trying to export their products will only add to the story of woe.
“Of course over the coming months the unemployment numbers will grow even more as thousands of public service jobs are lost as a result of the Rann Government’s financial mismanagement and incompetence.
“For example, Access Economics have forecast SA’s unemployment rate will remain above the national average until 2014-15.
“These economic growth and unemployment figures will give little comfort to all those public servants who have lost their jobs and will be job hunting over the coming Christmas and New Year period.”