Investors are returning to South Australia with enormous confidence, with latest ABS figures showing a 37% rise in private new capital expenditure in the past year under the reformist Marshall Liberal Government.
The 37% jump in real private new capital expenditure in the March 2019 quarter, compared with the March 2018 quarter, is largely off the back of buildings and structures – defying a national fall of 1.9 per cent.
The results follow another positive ANZ Stateometer report, released this week, which showed SA ‘was the only state to record an above-trend growth rate in the quarter and rising momentum from the last quarter of last year’.
It cited housing, with Adelaide house prices up 0.8% over the year to March, the labour market and trade all positive influences.
Treasurer Rob Lucas welcomed the results as a sign of ‘growing business and investment confidence in SA’ as a result of the sensible reformist policies of the Marshall Liberal Government, which were focussed on growing the economy and jobs.
“Our sensible reform agenda, designed to drive positive economic and jobs growth, is bearing fruit, with recent independent surveys showing a real shift in momentum, business confidence and investment,” said Mr Lucas.
“We welcome the 37 per cent rise in private new capital expenditure in the past year in South Australia, which we expect will have significant flow-on benefits.
“In fact, SA was one of only three states to record a rise in capital expenditure in the March quarter showing we are punching well above our weight and investors once again feel confident in coming and spending their money here.”