Posted on: 11 May 2022
South Australia has once again proven itself to be among the nation’s best economic performers, recording the strongest business confidence in the country.
But the results of NAB’s Monthly Business Survey also serve as a warning.
While South Australia has come out on top, it still suffered the biggest drop in business confidence of all the states – sliding down 11 points.
(Source: NAB Monthly Business Survey – April 2022)
“The Malinauskas Labor Government inherited some of the best business and economic conditions of any incoming government in the state’s history,” said Shadow Treasurer Matt Cowdrey.
“This wasn’t achieved by pure luck, but thanks to the good work of the former Liberal Government.
"Only Labor would celebrate an 11 point drop in business confidence since the election, the largest change in the country, as good news.
"South Australia has the highest business confidence in the nation, something we hope continues, but that's not due to anything Labor has done.
“With rising inflation and interest rates the challenge for former union boss Peter Malinauskas is to maintain the momentum set by the former Liberal Government.”
The results come as news that six of South Australia’s 11 holiday regions have soared past their visitor spending targets four years ahead of schedule.
Total visitor expenditure in regional South Australia reached $3.6 billion in 2021, almost reaching the December 2025 target set in the Regional Visitor Strategy of $4 billion.
Operators have said the tourism boom was driven by initiatives brought in under the former Liberal Government, including the wildly popular Great State Vouchers.
“This is a testament to the former Liberal Government’s effective tourism stimulus, which created huge demand for business and importantly saw more South Australians get into jobs.”