The Deloitte Access Economics quarterly business outlook report, has found that small business and consumer confidence is strong in South Australia, while investment in the renewable energy sector is also on the rise.
According to the report, small business confidence in SA is at its best since 2013 and the new business survival rate is higher than in any other state in Australia. Retail spending in SA, which is an indicator of consumer confidence, also continues to outperform the national average.
The report found that in December 2017, South Australia’s full-time employment growth was better than any other state.
Large-scale investment in utilities is also on the rise in SA, 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 that small businesses in South Australia are more confident than at any time since 2013 and the new business survival rate in South Australia is the highest in the country.
“When you consider how much of a shock to supply chain businesses the closure of Holden has been, that is a remarkable outcome,” Koutsantonis said.
He mentioned that 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. Jobs are Labor’s number one priority, which is why we have been backing small businesses to grow and employ more staff through our Job Accelerator grants and Future Jobs Fund,” said Koutsantonis.