Consumer sentiment in South Australia is at its lowest level in three years and the worst on mainland Australia, according to the Westpac-Melbourne Institute Survey of Consumer Sentiment released yesterday.
The report noted that the South Australian consumer sentiment index fell to its lowest level since October 2011 and is now 24 per cent below its level a year ago.
South Australia recorded the worst sentiment in six out of the eight categories surveyed including family financial conditions, economic conditions and future expectations.
“It is no surprise that South Australian sentiment is at its worst in three years,” Shadow Treasurer Rob Lucas said.
“In the last few weeks, we have seen a number of businesses in South Australia announcing job cuts and closures including Aldinga Turkeys, Arnott’s, Hills, Custom Coaches, Huon aquaculture and O-I Glass.
“Under the Weatherill Labor Government, South Australia has the highest taxes in the nation, the worst performing workers’ compensation scheme in the nation and the highest unemployment rate on mainland Australia.
“In fact, the July 2014 Safework Australia Report confirmed that SA had the highest WorkCover levy rate of all states.
“South Australia’s average levy rate was 2.75 per cent, compared to just 1.3 per cent in Victoria, 1.45 per cent in Queensland and 1.55 per cent in New South Wales.”
Earlier this week, the latest NAB Business Survey revealed that South Australia recorded the worst business conditions of all states in August.
During August, South Australia also suffered the worst decline in business conditions of all states and now also has the equal worst business confidence of all states.