SA unemployment rate sounds alarm bells
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SA unemployment rate sounds alarm bells
Posted on Friday, July 10 2015 at 3:02 PM
The peak body for Australia’s $680 billion property industry says it’s time to get serious about creating “the best state to do business” in South Australia.
Australian
Bureau of Statistics (ABS) data released yesterday reveals that South
Australia’s unemployment rate has hit 7.8 per cent in trend terms or 8.2 per
cent in seasonally adjusted terms.
SA
executive director of the Property Council Daniel Gannon says this month’s
unemployment figures are startling and should be a call to action for the state
government.
“We
need to get serious about implementing the Premier’s vision as ‘the best place
to do business’,” he says. “That involves cutting red tape and creating a
taxation and business environment that’s internationally competitive.
“We
shouldn’t lose sight of the fact that South Australia is in competition with
the world when it comes to attracting investment.
“South
Australian businesses struggle with antiquated shop trading regulation, high
land tax rates, high penalty rates and a sluggish local government-based
planning system,” Gannon says.
“We
need lower costs associated with owning and developing land in South Australia,
cheaper utilities and regulation that doesn’t get in the way of creating jobs.
“We
need to create compelling reasons for interstate and international businesses
to invest here, and give young job-seeking South Australians a reason to not
increase our brain drain exodus.
“That’s
why last month’s announcement to phase out stamp duty on non-residential
property transfers was strongly endorsed by the property sector. Following [this]
jobs data, there is a strong case to fast-track this policy to create an
immediate incentive to invest.
“We
also need to think about infrastructure as a jobs driver. The state government
just released its Integrated Transport
and Land Use plan; however, funding hasn’t been locked in for initiatives
like extending the tram line.
“Let’s
create a plan for moving forward with public-private partnerships on
infrastructure. There are models out there globally, like the UK’s City Deals
infrastructure policy, that have some lessons for policymakers here in our
state.
“The
jurisdictions with the most competitive tax environments and the most liveable
cities will win the contest for skilled immigration and investment globally.
“With
more job losses on the horizon, the property sector has concerns for our
industry’s workforce – a workforce that accounts for 168,000 jobs and generates
almost 26 per cent of wages and salaries paid to South Australians.”
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