Jobless Rate Rises As Business Confidence Plummets on Labor’s Watch

Jobless Rate Rises As Business Confidence Plummets on Labor’s Watch

Posted on: 16 June 2022

South Australia’s unemployment rate has risen to 4.6 per cent – the single worst rate in the nation.

It follows troubling news that business confidence in South Australia drastically dropped during the month of May, plunging a staggering 9 points – the equal biggest fall of all the states.

The results of NAB’s Monthly Business Survey also shows SA lost its mantle of having the strongest business confidence of all the states – dropping from top spot to third.

(Source: NAB Monthly Business Survey – May 2022)

Shadow Treasurer Matt Cowdrey said it paints a grim picture of the economic clouds on the horizon under the Malinauskas Labor Government.

“This is disappointing news for South Australians and our fear is Peter Malinauskas’ government has no plan to create local jobs,” Mr Cowdrey said.

“South Australia’s unemployment rate is now the standalone worst in the country, a far cry from December when we had our lowest unemployment rate since records began in 1978.

“Peter Malinauskas predicted there would fewer opportunities in his anti-jobs budget, which showed the jobs growth rate would plummet from 3.25 per cent to a tiny 1 per cent. We’re now starting to see worrying signs that forecast will come to fruition.

“It’s also troubling South Australian businesses are showing they have dwindling confidence in Peter Malinauskas’ ability to manage the economy and are fearful of the risks ahead.”