Welcome to the August issue of xpress.
With pressure mounting on businesses and families throughout the community, we welcomed the Reserve Bank’s decision earlier this month to keep interest rates on hold.
All the talk in recent time has been about when we will see the next rate rise, however we strongly believe that the next movement should be a reduction in interest rates.
Low consumer confidence is restricting spending and businesses throughout the State are facing increased wages, utility bills, rates and levies.
It is essential that the economy is able to build some momentum in the second half of the year, easing the strain on many of the sectors here in South Australia.
Local economic indicators continue to highlight the pressures being faced by businesses and the latest retail trade figures indicated that our State had the largest fall in retail trade in June.
Results from the latest Business SA Survey of Business Expectations confirmed the strain being felt by the business community with confidence decreasing 11 per cent in the June quarter, following falls in the previous two quarters.
More details about the survey results are in this issue of xpress.
Much speculation has surrounded the leadership of the State Government in recent weeks and Business SA has made it clear that we will always work with the Government of the day, which includes with the elected leader, to ensure a more competitive business environment here in South Australia.
The recent leadership announcement ends the uncertainty and we now look forward to seeing the green light given to the very important Olympic Dam project.
It was pleasing to note that an independent report from the Productivity Commission highlighted the importance of the deregulation of shop trading hours, including trading on public holidays.
It is important to take note of not when the shops are open but when they are closed – this being the two busiest times of year over Easter and Christmas.
Speaking of progress, I recently spoke at a Committee for Economic Development of Australia event looking at the State’s road ahead to 2050.
It provided a great opportunity to look forward at what we want to achieve here in South Australia and how we are going to get there.
We must encourage the creation of more vision, discussion and bold decisions on issues affecting South Australia’s future to really get our State up and running at full capacity.
Business SA’s popular networking series has continued with the latest event at the Adelaide Casino. A full wrap-up of the event is available in this issue of xpress.
Also in this issue we have a look at the assistance being offered from Business SA and we catch up with a couple of Business SA members.
Until next edition,