Jobless rate underlines importance of investment

The peak body for the state’s biggest industry has seized on the latest unemployment data to underline the importance of creating an attractive investment environment.

SA Executive Director of the Property Council Daniel Gannon said the property sector can play an important role in building job creation.

“The property sector is South Australia’s biggest industry, accounting for 10.8% in overall economic activity and supplying jobs for 168,000 people,” he said.

“The latest unemployment data accentuates the important role this sector can play in turning South Australia’s economic misfortunes around.

“But in order to do that, South Australia needs competitive policies to attract investment to our state.” Mr Gannon said South Australia’s seasonally adjusted unemployment rate has increased from 6.3% in July to 6.8% in August, with Tasmania (7.2%) now leading the country in unemployment.

“Whilst South Australia is no longer the worst performing jobs jurisdiction in the nation, the hard work is ahead of us.

“It’s this challenge that underlines the importance of budget spending in infrastructure to put more hard hats and steel caps on South Australian workers.

“We also need a competitive taxation environment, including land tax and local government tax rates, to ensure we’re not driving investment out of the state.

“The property sector strongly believes the Federal Government’s investment in South Australia’s defence sector and a strong state focus on embracing a nuclear future will help drive investment.

“Significant investments in defence – and exploring nuclear opportunities – means jobs and economic development will be sustained and boosted.”

 

Background information
Property is South Australia’s largest private sector employer and biggest industry, accounting for 10.8% of the state’s economic activity (or $10.5 billion).

It builds prosperity by paying $4.4 billion in wages and salaries – one in six people draw their wage directly or indirectly from property – and one million South Australians have a stake in property through their super funds.

Property is the largest single industry contributor paying 56.6% of state taxes, local government rates, fees and charges.

Media contact: Daniel Gannon |E dgannon@propertycouncil.com.au