The State Government’s record $4 billion economic ‘adrenalin hit’ to turbo-charge SA’s strong ongoing jobs and economic recovery from COVID-19 is the second largest stimulus package in the nation, behind only NSW.

Building crane

The federal Parliamentary Budget Office has found the State Government is investing 3.6 per cent of Gross State Product (GSP) on the South Australia’s COVID-19 fiscal response – higher than next-placed Tasmania (3.3%), Victoria (2.8%) and Western Australia (1.9%).

Only New South Wales has contributed more as a per cent of GSP (4.6%).

Treasurer Rob Lucas welcomed the report as further evidence of the State Government’s commitment to growing the economy and local jobs in the wake of the greatest economic challenge of our time, with a record $4 billion state stimulus leveraging an extra $1 billion in Commonwealth, local government and business funds.

“The State Government is investing in a record $16.7 billion infrastructure pipeline, including the North-South Corridor final stage, a redeveloped Memorial Drive and Hindmarsh Stadium, as well as upgrades to schools and hospitals across SA, that will create thousands of jobs, including for local trades,” Mr Lucas said.

Mr Lucas said the report finding was supported by several recent independent economic reports and surveys which showed South Australia is weathering the COVID storm remarkably well to date, including CommSec’s State of the States report, Deloitte Access Economics Business Outlook, Business SA-William Buck Survey of Business Expectations and the BankSA State Monitor.

Sourced from the Premier of South Australia’s website: SA's record $4b economic stimulus 'second biggest' in nation