The state government is set to unveil a record $4 billion ‘adrenalin hit’ into SA’s economy to create thousands of jobs over the next two years, driving South Australia’s bounce-back from the greatest economic challenge of our time, COVID-19.
In what will be the single biggest economic stimulus by the state government in South Australia’s history, the State Budget 2020-21 doubles the government’s existing stimulus investment and leverages another $1 billion in Commonwealth and local government and business funding.
This brings the total stimulus funding being injected into the SA economy to $5 billion.
Premier Steven Marshall said the focus of spending was on projects that could be completed, or significantly completed, within the next two years – creating jobs and backing business at a time when SA needed it most.
“This is the single biggest hit of economic adrenalin by a State Government in South Australia’s history – a huge stimulus investment that will create thousands of jobs, back local businesses and build what matters particularly over the next two years,” said Premier Marshall.
“We’ve always said we will do whatever it takes to save as many lives and livelihoods throughout the greatest economic challenge of our time in COVID-19.
“By doubling our stimulus funding to $4 billion, we will drive jobs growth and ongoing business recovery with emphasis on projects that can be completed, or near completed, within two years.
“We want to see shovels and ladders, hi-vis and hard-hats, overalls and paint-brushes right across the state.”
The $4 billion state economic stimulus package unveiled includes:
- An almost $1 billion ‘Tradies Package’ with projects that will provide a pipeline of building and construction works for trades - including plumbers, bricklayers, electricians, carpenters and other suppliers;
- A $230 million boost to the Business and Jobs Support Fund (Fund total now $530m);
- The Community and Jobs Support Fund to be increased by an additional $15 million (Fund total now $265m);
- An extra $220 million investment in the Economic and Business Growth Fund, to support industry and business growth in SA.
Premier Marshall said the stimulus boost responded to the advice of the Reserve Bank, and the emphasis outlined by the Commonwealth Government in its recent Budget.
Sourced from the Premier of South Australia’s website: Creating thousands of jobs focus of State Budget’s $4 billion economic adrenalin hit