SA business confidence highest in nation, latest NAB survey

13.08.2019
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The Marshall Liberal Government has welcomed the latest NAB Monthly Business Survey, which shows rising South Australian business confidence in July – with local businesses now the most confident in the nation in trend terms (+6 index points).

The results – which follow the release of the State Budget on June 18 – mirror the positive findings of the recent Bank SA State Monitor survey (July), which showed SA business confidence remains strong, with more employers creating new jobs in the past three months as others prepare to expand their local workforce.

According to the independent NAB survey, released today, SA business confidence rose 7 points last month, surpassing New South Wales and Western Australia (both up 3), while Victoria remained unchanged and Queensland fell (down 4).

“Confidence rose in all states, except QLD (fall) and VIC (flat). In trend terms, confidence remains highest in SA and weakest in TAS (although the latter has been volatile),” the report states.

Treasurer Rob Lucas said both surveys “well and truly dispel any myth of economic ‘doom and gloom’ being pedalled by our political opponents who seem intent on talking South Australia’s economy down”.

They also negate alarmist claims that the Government’s land tax reforms will “take a sledgehammer to South Australia’s institutional investment market and development sector’’ and “have a destructive impact on… the state’s economy’’.

“Here we have two well-respected independent surveys comprehensively pointing to a strong South Australian economy, strong business confidence and, in the case of the NAB, local businesses are the most confident in the nation,’’ said Mr Lucas.

“The results are a positive endorsement of the sound economic policies of the Marshall Liberal Government, with payroll tax cuts, millions in land tax and ESL bill reductions and a significant $11.9 billion infrastructure program creating a pipeline of jobs.

“Importantly, both surveys were conducted after the release of the State Budget in June.

“So, not only are SA businesses overwhelmingly optimistic – which augurs well for future investment opportunities and jobs growth - but there is none of the alarmist negative sentiment being spruiked by our critics.”

The BankSA State Monitor surveys 300 SA businesses and 300 consumers, while NAB surveys 400 businesses across the country.

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