Invest in South Australia25 November 2015 by News Desk
South Australia has launched a multi million-dollar campaign to attract new investment into the state.
The government is offering substantial support and incentives to investors, entrepreneurs and new business start-ups and officials say there is no better time to invest in Australia. Australia is rated AAA by all three global rating agencies with real GDP growth expected to outperform other major advanced economies to 2019.
South Australia’s economy grew by 1.6% in 2015 with service sectors leading the growth charge, particularly retail, hospitality and communications, according to the Australian Bureau of Statistics. Health, finance and real estate sectors also grew over the past 12 months. The state government forecasts state-wide growth of 2.0% in the coming year.
South Australia offers an impressive range of investment opportunities across a range of industries including Renewable Energy, Minerals & Energy, Agriculture, Advanced Manufacturing, Education and Defence.
South Australia is a key location for sustainable business, offering a diverse industry base and highly attractive business environment. The World Bank ranks Australia as the fourth easiest country to start a business and the third easiest country to obtain credit. Australia ranks third in the 2014 Index of Economic Freedom completed by the Heritage Foundation highlighting the ease of conducting business in Australia.
Advantages of South Australia
• Labour Costs – South Australian full time labour costs are 9% below the Australian average and below all mainland capital cities.
• Property Prices – Adelaide’s residential, commercial and industrial property prices are amongst the lowest of Australia’s mainland capital cities.
• Construction Prices – Adelaide is competitive in terms of construction costs for the development of new multi-residential, commercial and industrial properties. Location • Adelaide, the capital city of South Australia has been voted the fifth most liveable city in the world making it an ideal location for attracting a sustainable workforce.
• South Australia is also located at the centre of Australia’s air, road and rail networks – with Adelaide Airport named Australia’s fastest growing airport for international services.
• The South Australian time zone (Greenwich Mean Time +9.30 hours, or +10.30 during Daylight Savings time) is within two hours of major Asia Pacific centres. A Government Open For Business The South Australian Government is pro-investment, supporting business including:
• Direct access to key government decision-makers.
• A Coordinator-General has recently been appointed to help stimulate private sector investment for projects with a construction value in excess of $3 million. A Case Manager is appointed for each project to help streamline and support the approvals processes.
• An ambitious and successful red tape reduction program.
The South Australian Government’s WorkReady initiative supports businesses by developing workforce skills. This includes financial assistance to employers for industry related training costs.
South Australia boasts over two decades of uninterrupted economic growth. It is linked to fast growing Chinese, Indian and other Asian economies. Future growth will be driven by major developments exceeding $94 billion.
• 80% of Australia’s uranium resources
• 69% of Australia’s copper resources
• 62% of Australia’s wines exports
• 41% of Australia’s wind power capacity
• 32% of Australia’s defence industry
• 20% of Australia’s grain production
• Home to Australia’s largest onshore oil & gas province
Gross State Product ($95bn)
Construction, housing and utilities (20%)
Retail & wholesale trade (10%)
Agriculture, forestry & fishing (6%)
Major Developments ($94bn)
Minerals & Energy (38%)
Urban Development (19%)
Manufacturing & Industrial Development (5%)
Health, education & Other Services (4%)
Water Management (1%)
Export Destinations ($12bn)
East Asia (excl. China) (27%)
United States (11%)
Middle East (8%)
European Union (6%)
Rest of the World (17%)
For more information, go to: http://www.invest.sa.gov.au/