Deloitte Report forecasts lower employment and economic growth

The Deloitte Access Economics (DAE) Business Outlook report released today has forecast lower employment and economic growth than the Weatherill Labor Government’s budget handed down earlier this month.

Deloitte has forecast lower economic growth for three of the four years of the forward estimates:

Year

Deloitte Forecast (%)

Budget Forecast (%)

2016-17

0.8

2

2017-18

2.3

2.25

2018-19

2.2

2.25

2019-20

2

2.25

The Deloitte Report has also forecast lower employment growth for 2016-17 (0.6 per cent) and 2019-20 (0.8 per cent) compared to Treasury’s forecast (0.75 per cent and 1 per cent respectively).

“This report should be ringing alarm bells for Premier Weatherill and his Labor Government,” said State Liberal Leader Steven Marshall.

“South Australia is stuck in an economic rut and the Weatherill Government is clueless as to how to lead us out of it.

“To create jobs in South Australia we need to lower taxes and reduce red tape to encourage business investment and economic growth.

“Improving business conditions is the only sustainable means of growing South Australia’s stagnant jobs market.”