20/11/2021

In another vote of confidence for the Marshall Liberal Government’s policies, South Australia recorded the highest rise in gross state product (GSP) and highest GSP per capita growth in the nation in 2020-21 – a hugely positive and strong result for jobs and the state’s economy.

The latest GSP result for South Australia was stronger than anticipated at the time of the Marshall Government’s State Budget, which estimated growth in 2020-21 at 2¼ per cent.

“This is yet more proof our policies to create jobs and boost the economy are working,” Premier Steven Marshall said.

“We’ve created the environment for businesses to succeed, and families to get ahead, by implementing our policies to make us nationally competitive and lowering costs.

“Payroll tax has been abolished for all small businesses with payrolls less than $1.5 million per year.

“ESL costs for businesses and households have been reduced by $90 million per year.

“Electricity costs for the average business have dropped by 20 per cent and the recent approval of a second interconnector will drive electricity costs down even further.

“Water bills for an average business have dropped by $1350 per year and a small number of high volume businesses have saved up to $1 million this year on their water bills.

“Our blueprint for a stronger South Australia charts a course out of the pandemic by creating jobs, building what matters, and delivering better services to cement our growing global reputation as one of the safest and most attractive places in the world to live, work and raise a family.

“We’ve been saying for months we want to emerge from COVID-19 stronger than before, and we will.”

South Australia’s GSP rose 3.9 per cent in real terms in 2020-21, the highest rate of growth of all states and territories – in per capita terms, SA’s GSP rose by 3.3 per cent in 2020-21, the highest rate of growth in GSP per capita of all states and territories.

“While there are more South Australians in full time employment than ever before, it’s important that we keep the momentum going, and the collective efforts of South Australians in keeping our state safe are clearly aiding SA’s strong economic recovery from the global COVID-19 pandemic,” Premier Marshall said.

“The State Government continues to have a strong focus on the space, defence, hi-tech, and energy and mining sectors, which present even more opportunities for our state’s economy to grow, delivering jobs for today, tomorrow, and decades to come.”