The latest quarterly National Accounts, released last week, have provided some signs of economic growth. The December quarter recorded a growth rate of 0.6 per cent, bringing annual growth to 1.3 per cent. While this is not a resounding success, it does represent an improvement.
One of the most notable developments is that, after seven consecutive quarters of negative growth in per capita GDP, we finally saw a marginal increase of 0.1 per cent. However, this remains a weak result for such a crucial measure of economic health.
A major concern continues to be productivity. The latest figures show that productivity declined once again in the December quarter, highlighting the pressing need for reforms that drive business investment and workforce efficiency.
With a federal election on the horizon, the business community is looking for an ambitious reform agenda from the next government to foster investment, improve productivity, and create a more robust economic future.
Last week, the SA Chamber’s CEO, Andrew Kay, attended the first Australian Chamber of Commerce and Industry (ACCI) General Council meeting for 2025, hosted by Business NSW in Sydney. The event brought together key business leaders and policymakers to discuss the challenges and opportunities ahead.
At the General Council dinner, the Shadow Minister for Finance, Senator Jane Hume, spoke about the importance of getting fiscal and regulatory settings right. In a discussion with ACCI CEO Andrew McKellar, she also discussed policy priorities for business, including the ‘Agenda for Business’ plan.
Additionally, the President of the Fair Work Commission, the Hon Adam Hatcher SC, addressed the General Council, providing insights into the Commission’s priorities. Further discussions on policy direction took place when Minister for Industry and Science, Ed Husic, met with ACCI’s board on Tuesday.
While there is still uncertainty about when the election campaign will officially commence, one key date to mark in your calendar is 19 March when ACCI CEO Andrew McKellar will take part in a debate at the National Press Club with ACTU President Michele O’Neil. This event will be a vital opportunity for the business community’s voice to be heard on a national stage.
South Australian businesses must remain engaged in these discussions, ensuring that our state’s economic interests are front and centre in the national debate. The road to stronger growth and productivity requires clear, forward-thinking policies, and we will continue to advocate for the business community’s needs at every opportunity.
