Posted on: 14 June 2024
South Australia has the lowest business confidence in the country while business conditions lag behind every other state, a new report shows.
As businesses continue to shut their doors – forced by the cost of living crisis and skyrocketing operating expenses – the NAB Monthly Business Survey shows the South Australia business community is struggling.
In the period between April and May, business confidence took a five-point hit dropping to -13 points, cementing South Australia as the worst in the nation in that category.
Business conditions in South Australia also had a huge drop, down 14 points to zero.
Shadow Treasurer, Matt Cowdrey, said Peter Malinauskas and Labor can no longer keep up the charade of having the back of small and family business in South Australia.
“These disappointing results paint a frightening picture for South Australia and Peter Malinauskas must do better to protect livelihoods and stop family and small businesses from going under,” Mr Cowdrey said.
“Peter Malinauskas had a chance in the recent budget to lower costs for South Australian small business, but instead he cut energy bill rebates worth $650 for small businesses and ignored calls from the Opposition and SA Business Chamber for crucial payroll tax reform.
“South Australian small businesses have had to battle significant increases in the cost of doing business since Labor was elected in 2022, including high electricity prices, skyrocketing rents, and wage increases.
“That’s why the Opposition called on Peter Malinauskas to proportionately increase the payroll tax threshold from $1.5 million to $2.1 million and for payroll tax exemptions for apprentices and trainees.
“It’s quite baffling that when small and family businesses are struggling with the rise in operating costs, and hospitality and other business are being forced to shut their doors, that Peter Malinauskas would rule out payroll tax reform.
“If Peter Malinauskas refuses to support small and family businesses, the damage will be irreversible.”