Image: bankutitimi
South Australian Treasurer Tom Koutsantonis has spruiked the State Budget 2016-17 as having achieved the state’s first surplus since the Global Financial Crisis.
And according to the Treasurer, there are surpluses across each year of the forward estimates.
Mr Koutsantonis said this sends a signal to business that the state is “strong and well positioned for future investment”.
South Australia is a state, along with Victoria, that has fallen under significant hardship due to the withdrawal of automotive companies from manufacturing in these states and sending their products to be built through cheaper labour overseas.
Consequently, this has not only caused economic strife in these areas as factories close and the supply chain is severely affected, but it has placed enormous pressure on the state governments to create solutions that will benefit the displaced workers.
Mr Koutsantonis has placed a bold emphasis on helping displaced workers in the Budget through major infrastructure projects like the $1 billion Northern Connector.
According to Mr Koutsantonis, 90 per cent of the work is going to South Australians, with a focus on apprentices, displaced auto workers and indigenous people.
“We are supporting workers affected by the economic transformation underway, including steel workers in Whyalla and auto industry workers in Adelaide,” Mr Koutsantonis said.
The Budget is placing a noteworthy emphasis on technology upgrades, with a “record” $12.1 billion investment in infrastructure projects and ultra-fast internet that Mr Koutsantonis said will build on the state’s strengths in high tech industries, “creating the smart skills and jobs we need for the future”.
The state is also committing $20 million through the Industry Attraction Fund to bring industries and jobs to South Australia – “we have created a fund that will support entrepreneurs to establish and grow businesses here”.
Mr Koutsantonis said “this Budget continues our drive to make South Australia the best place to do business”.
He said in 2015, the government abolished $670 million of taxes to assist business to adapt and restructure.
“This year we are helping businesses grow by providing $109 million in incentives for small businesses to employ more people,” he said.
“Our economic plan is backing the industries and jobs of the future – defence, tourism, renewable energy and international education – that will create new jobs and build our international relationships.”
The state is also investing $500 million to upgrade public and private schools with better science and technology facilities to ensure that younger generations of South Australians are ready to take up jobs in these industries.
“Finally, more than $1 billion in extra funding for health, community services and law and order initiatives will ensure South Australians continue to enjoy a high quality of life,” Mr Koutsantonis said.
