South Australian Business Confidence in Freefall Under Labor

South Australian Business Confidence in Freefall Under Labor

Posted on: 13 July 2022

South Australia’s business confidence plummeted again under Labor last month – dropping a staggering 17 points – the biggest fall of all states.

The results of NAB’s Monthly Business Survey make for uncomfortable reading, showing SA has slipped even further down the rankings and into negative territory with our state now sitting second last on the table, just ahead of Tasmania.

The more concerning issue is the trend line shifting down sharply from +16 down to +3 in June 2022, the biggest fall in the nation, reflecting three monthly negative results since March. April -11, May -9 and June -17.

(Source: NAB Monthly Business Survey – June 2022)

Shadow Treasurer Matt Cowdrey said the results are a concerning sign for the Malinauskas Labor Government and shows business is losing confidence in the government’s ability to manage the economy.

“Under Labor we’ve seen significant time and cost blowouts to major projects, including delays to the biggest infrastructure project in South Australia’s history – the North-South Corridor – which was revealed in Labor’s early Budget and hardly instils confidence in the business community,” Mr Cowdrey said.

“The way the Malinauskas government managed the Return to Work legislation has caused enormous uncertainty among employers and has infuriated the unions.

“The Treasurer used the last Parliament sitting day before the winter break celebrating a remarkable turnaround in business confidence when in reality confidence has fallen 37 points since the Labor party took office. The drop is significantly out of step with national movement over the same period.

“Businesses need certainty and clearly the business community has concerns about Labor’s recent decisions that have created uncertainty - the quicker Peter Malinauskas realises this the better for all South Australians.”