A recent survey by BankSA has shown South Australian consumer confidence to have plummeted in recent times, a product of two tough budgets being handed down by both the State and Federal governments.
The results, published by the Advertiser, feature BankSA Chief Executive Nick Reade calling on South Australians to “snap out of the negative sentiment.”
“We’ve got to work together as a business community, government and general community – be positive and come up with ideas,” he said.
The survey showed only 27 per cent of respondents confident of being able to find work if they wanted to change jobs, down from 42 per cent back in February.
Migration Solutions Managing Director, Mark Glazbrook, whilst agreeing with Mr Reade, says there is another area South Australia needs to address in order improve SA’s economic outlook – a stagnating population growth rate.
“This survey is yet another example of South Australia struggling to grow its economy due to slow population growth,” he said.
“Figures show our population growth rate sits at 0.9%, half the national average and well below leading states and economic powerhouses such as Western Australia.
“The economic multiplier effect that comes with a healthy population growth rate is hugely influential, and something that would greatly help to reverse this trend of declining consumer confidence.”
The view was supported by Hickinbotham Homes Managing Director and Chairman of the Australian Population Institute, Michael Hickinbotham, when Migration Solutions caught up with him for an interview back in February.
“There’s a lot of research to show that when people come to a new place, it creates jobs, it creates opportunities and it adds to vitality,” he said.
“Bernard Salt…talks about how 10,000 people coming to a new place generates $80 million a year in retail expenditure and over $1 billion in direct investment.
“This money washes through the economy and creates all sorts of opportunities for new and existing citizens.”