More unemployed than seats at Adelaide Oval
In the lead-up to the State Budget, the Property Council of Australia has seized on the latest jobless figures to renew calls for reforms that drive economic growth.
The latest seasonally adjusted ABS employment data reveals that there are now 64,300 unemployed South Australians, while the jobless rate has increased from 7.0 last month to 7.3% in April against a national decrease from 5.9 to 5.7%.
SA Executive Director Daniel Gannon said that more jobs will be created if a deeper reform agenda was embraced.
“There are now more South Australians unemployed than the seated capacity of Adelaide Oval. It’s time for long-term structural reform instead of short-term band-aids,” said Mr Gannon.
“Our state’s policy-makers need to create every possible competitive advantage to ensure that South Australia is the country’s most attractive investment destination. If we fail to create this environment, then we risk our state’s future economic prosperity.
“South Australia’s economy has suffered over recent years due to the withdrawal of headquartered companies who have taken their workforces interstate. It’s time to entice them back, which means establishing a Taskforce to target potential companies to relocate to Adelaide’s CBD.
“But we can’t do that without pulling the right policy levers to create an attractive business environment.
“In the lead-up to the State Budget, we need to see reforms to areas where we aren’t competitive, including population growth, land tax, payroll tax and council rates.
“A more competitive tax system means greater prospects of job creation and economic stimulation, but without further structural changes, we run the risk of failing to continue to innovate.”
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.