2015 South Australian Economic statement

The State Government has conducted the first-year review of its Economic Priorities, revising some targets upwards while shifting some down.

It also today released this year’s Economic Statement detailing how the State’s economy and sectors have fared over the past 12 months.

Having launched a set of 68 economic objectives to be achieved by 2015, leading to longer-term targets at the end of 2017, Premier Jay Weatherill said the Priorities had been updated on the back of a significant shift in global economic conditions.

Of the 68 targets set to be reached by 2017:

  • Five have been increased or expanded
  • Four have been decreased
  • Four have been revised
  • 55 remain unchanged
  • Six have been added

Mr Weatherill said an overall snapshot of the targets set last year show that 25 of the 2015 objectives had been met, 24 were on track and two had not been achieved. Of the 2017 objectives, two have already been achieved, 12 would now be a challenge while the rest were on track or had progress made.

“The biggest downgrades we have made to our 2017 targets relate to the mining sector which has suffered dramatically due to a collapse in commodity prices and over the past 12 months,” Mr Weatherill said.

“However the targets set for our premium food and wine, tourism and vibrant city agendas are well progressed with some having being revised upward.

“Additional objectives have also been added in the areas of health and ageing.”

Mr Weatherill also released the 2015 Economic Statement, which discusses the update of the 10 Economic Priorities and details the fluctuations in the State economy over the past 12 months.

“The past 12 months have presented many challenges for the South Australian economy as our manufacturing sector retracts and international commodity prices fall,” he said.

“There is no doubt our unemployment rate is too high and the Economic Statement details how our manufacturing and construction sectors are suffering.

“But there are strengths in new and growth industries such as tourism, arts and health care.
“Our challenge is to expand the areas of the economy that are growing faster than the areas that are declining.

“Our Economic Priorities provide a plan to transition from the old to the new economy.”
The updated Economic Statement and Economic Priorities can be found at www.economic.priorities.sa.gov.au

Further Reading:
Economic Priorities -  First Year Review
2015 Economic Statement
Economic Priorities snapshot
Transforming the economy snapshot

Stephen Mullighan MPEconomy