‘Genuine sense of momentum’: Premier looks forward to economic opportunity
In his address to the state’s business leaders at the 2024 South Australian Business Index lunch, the Premier said it was the responsibility of both government and private industry to look ahead for opportunities.
There’s a “genuine sense of momentum” in the local economy according to Premier Peter Malinauskas, who told the state’s industry leaders on Friday that they should not ignore how Souath Australia is perceived interstate.
In his address to the 2024 South Australian Business Index lunch – where InDaily unveiled the state’s top 100 companies – the Premier said he recently met with former Victorian Premier Jeff Kennett.
“He made an observation that I was really heartened to hear,” Malinauskas said.
“He said to me: you shouldn’t underestimate the perception of the momentum that South Australia has in the eastern states right now. He said it shouldn’t be lost on you that there is a growing awareness and consciousness around the country about the fact that South Australia is in a very different position economically today than what was the case 15 or 20 years ago.
“I was grateful and heartened to hear that from Jeff because it speaks to a truth – it speaks to an undeniable reality – when you actually look at all the economic data that is consistently becoming available.”
The Premier pointed to the “cavalcade of data” that has been released over the past 12 months that he said showed “genuine momentum” in the state’s economy, such as repeat number one rankings in CommSec’s State of the States reports (three quarters in a row).
“We have the lowest unemployment rate in the nation, where only Western Australia is equal with us. The ABS last week also released the state final demand numbers and South Australia has the strongest economic growth in the country,” he said.
“There is a genuine sense of momentum. But here’s the thing – all of those statistics and economic indicators are invariably looking into a rear vision mirror.
“The challenge and responsibility before all of us – both government and business – is to make sure that we’re not looking at the rear-view mirror. We’re looking at what’s in front of us.”
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The Premier said there was a “collective sense of optimism” about the “profound and real” economic opportunities for the state, but that the challenge was to “make sure the government is working in conjunction with you to get the policy settings right for you to be able to invest and capitalise upon the opportunities of tomorrow”.
“The Index today hopefully serves as a demonstration to the fact that increasingly, gradually, there is a growing degree of economic complexity in this state,” he said.
“The real end game is to improve living standards and we improve living standards in a globally competitive environment, in a high-wage jurisdiction, by making sure that we’re becoming increasingly productive.
“To the extent that you familiarise yourself with that policy effort hopefully enables you to continue to invest and continue to employ in the way you already are, and that is making a difference, particularly for a lot of younger South Australians.”
