The Opposition is today calling on the Government to urgently turn its attention to the economy, after figures released by the Australian Bureau of Statistics show unemployment in South Australia is at
4.2%.[1]
“We have unemployment higher than the national average and the highest underemployment of 7.5% in mainland Australia.
“Not only are South Australians paying more for their groceries and power bills but they continue to get less hours of work than they desire or need.
“Instead of focusing on the economy and improving the lives of South Australians who are doing it tough in this cost of living crisis, the Malinauskas Government is distracted by celebrities and sporting events,” said the Leader of the Opposition, Vincent Tarzia.
“This Government is content to spend $1.9 million of taxpayer money on promoting the Government’s investment in health, while ramping has been at the worst levels in our state’s history, yet we can’t find the Premier to get him to answer basic questions about the state economy.
Also, a leading indicator for labour demand shows job ads in South Australia have fallen by 4.6 per cent over the year to October 2024, reflecting a softening of demand for workers.[2]
Amongst this, Jobs and Skills Australia have also shown South Australia has the third highest proportion in the nation of 15-64 year olds on job seeker payments (6.8%) and higher youth unemployment than the national average.[3]
Wednesday’s Wage Price index from the ABS showed wages in South Australia increased by 3.2 per cent over the year to September, this is below the national growth of 3.5 per cent.[4]
Among the backdrop of slower wage growth and a softening labour market, the price of property in Adelaide continues to grow rapidly.
Core Logic data shows dwelling values in Adelaide have risen by 15 per cent year on year. Over the year to September 2024 wages in South Australia rose by 3.2 per cent.[5],[6]
The proportion of income required to service new rents in Adelaide is the highest in the nation.[7]
ANZ’s September Housing Affordability report shows Adelaide’s median dwelling value to income ratio (8.6) is second to only Sydney (9.8). [8]
CPI in Adelaide rose by 3.2% over the year to September 2024 quarter. This outpaced the growth of CPI Australia-wide which increased by 2.8% over the same period.[9]
“High inflation, high underemployment, a cost of living crisis and a housing shortage – these are the issues Party Pete should be focusing on.
“On Wednesday we called for the Premier to move on the Port Stanvac site and open it for housing.
[1] Australian Bureau of Statistics 2024, Labour Force, Australia
[2] Jobs and Skills Australia 2024, Vacancy Report October 2024
[3] Jobs and Skills Australia 2024, Labour Market Dashboard South Australia
[4] Australian Bureau of Statistics 2024, Wage Price Index, Australia
[5] Core Logic 2024,November daily home value index
[6] Australian Bureau of Statistics 2024, Wage Price Index, Australia
[7] NAB 2024, Adelaide Housing Market Update | November 2024 Core Logic
[8] ANZ, Core Logic 2024, Housing Affordability Report September 2024
[9] ABS 2024, Consumer Price Index, Australia, https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/latest-release#selected-tables-capital-cities
