In a boost for the state’s economy, South Australia has recorded its highest ever levels of private business investment.
Data released by the Australian Bureau of Statistics this week has highlighted that in the 12 months to June 2019, $12.7 billion worth of private investment was reached.
The area providing the strongest rate of annual growth was new building construction, which has increased by 13.3 per cent in the past year.
Minister for Trade, Tourism and Investment David Ridgway said the pleasing figures represent a total investment increase of 3.2 per cent for the year to June 2019, compared to the previous 12 months to June (2018).
“This recent data is further evidence that South Australia is a place where business confidence is strong,” Mr Ridgway said.
“The Marshall Liberal Government has worked hard to ensure that business in South Australia has the right environment to grow economically and create jobs.
“Just yesterday I joined the Prime Minister and Premier at the launch of Bickford’s latest investment at its Salisbury manufacturing facility. This represents a $20 million investment in new plant technology that makes it globally competitive. It will be one of the only lines of its type in the Southern Hemisphere.
“Earlier this week German company Kaufland turned the sod at their South Australian site in Prospect, the first store to be built outside of Europe. This is further proof that world class businesses are willing and eager to set up shop in our great state.
“This project is expected to create an estimated 150 construction jobs and up to another 100 retail jobs upon completion.
“This data builds on the ANZ’s most recent ‘Stateometer’ report that showed the South Australian economy is the best performing in the country.
“And in July this year positive results from the NAB Monthly Business Survey highlighted rising South Australian business confidence.
“What we know, and what the private business investment data backs, is that South Australia offers a highly competitive environment and an ease of doing business that supports profitable operations.”
