SA business confidence and conditions plummet under Peter Malinauskas

SA business confidence and conditions plummet under Peter Malinauskas

Posted on: 14 April 2023

The Malinauskas Labor Government is responsible for the biggest drop in business confidence and conditions across the nation over the past 12 months, new NAB data shows.

NAB’s monthly business survey has revealed South Australia’s business confidence plummeted 26 points over the past 12 months (March 2022 - March 2023) - the biggest drop in Australia, aligning with Peter Malinauskas’ first year as Premier with a Labor Government.

The data has also revealed - over the same 12 months - that business conditions dropped 14 points, again the worst in mainland Australia.

And new job statistics show unemployment in South Australia remains the second worst on the mainland, and underemployment the worst.

Shadow Treasurer Matt Cowdrey said the huge drop in business confidence comes as cost of living pressures continue to build.

“Despite the glitz and glamour of Peter Malinauskas, once you scratch the surface the situation is far from rosy,” Mr Cowdrey said.

“There is an undeniable link between Peter Malinauskas becoming Premier and forming a Labor Government and South Australian business confidence and conditions taking a U-turn for the worst.

“Peter Malinauskas talks a big game with grand platitudes, but the proof is in the pudding and this pudding from Labor has gone off.”

Shadow Minister for Finance Heidi Girolamo called on Peter Malinauskas to release his plan to reverse Labor’s damage to the South Australian business sector.

“We have a cost of living crisis on our hands where South Australian families are being forced to find an extra $17,000 a year to combat rising prices, and now we discover a huge hit to business in our state,” Ms Girolamo said.

“Peter Malinauskas needs reveal how he will combat cost of living for everyday South Australians and release his plan to fix the shocking drop in business confidence and conditions.

“We can’t afford to sit around while things go from bad to worse under Peter Malinauskas and Labor.”