Key report shows SA business and consumer confidence strong

29 January

Yet another business report has shown South Australia’s economy is outperforming many other states on a range of key economic indicators.

The Deloitte Access Economics quarterly business outlook report, released today, has found that small business and consumer confidence is strong in South Australia, while investment in our renewable energy sector is also on the rise.

Small business confidence in South Australia is at its best since 2013 and the new business survival rate is higher than in any other state in Australia. Retail spending in South Australia, which is an indicator of consumer confidence, also continues to outperform the national average.

The report found that in the December quarter South Australia’s full-­time employment growth was better than any other state.

Large-­scale investment in utilities is also on the rise in the State, driven largely by billions of dollars of investment in the renewable energy sector in projects such as the solar thermal plant at Port Augusta.

Treasurer Tom Koutsantonis said small businesses in the State are more confident than at any time since 2013 and the new business survival rate is higher in South Australia than in any other state in Australia.

“When you consider how much of a shock to supply chain businesses the closure of Holden has been, that is a remarkable outcome,” Mr. Koutsantonis said.

“Utility investment is on the rise driven by billions of dollars of investment in the renewable energy sector in projects such as the solar thermal plant at Port Augusta. These investments are putting downward pressure on power prices and creating jobs in industries of the future.”

“We are starting to see our direct investments in the economy have an impact. The State Government has been backing small businesses to grow and employ more staff through our Job Accelerator grants and Future Jobs Fund,” Mr. Koutsantonis said.