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More jobs for South Australians SOUTH Australia's 2009-10 State Budget will support nearly 14,000 jobs as the State Government presses ahead with a record investment in capital works in our public transport, water security, roads, schools and hospitals.The Government's infrastructure programme for 2009-10 totals AU$3.88 billion, an increase of more than AU$1.5 billion on 2008-09 and more than five times the level of investment in the last year of the Liberal Government in 2001-02. The increase in the size of this capital programme in 2009-10 prevents GSP growth in that year from being up to 0.75 per cent worse than is now forecast. Over the next four years, the Government will invest a record AU$11.4 billion on infrastructure. However, as Treasurer Kevin Foley, handed down his eighth Budget, he described it as the toughest he had had to frame given the collapse in revenues as a direct result of the global financial crisis. "A year ago the State recorded a surplus of AU$464 million - with all Government debt eradicated. "The 2008-09 Budget was in its strongest position in a generation. Now the landscape is very different." Since the 2008-09 Budget, GST revenue forecasts have collapsed by AU$2.9 billion over the forward estimates and State revenues by a further AU$882 million. As a result the, current year, 2008-09, is forecast to record an operating deficit of AU$265 million. A deficit is also forecast in 2009-10 (AU$304 million) before the Budget returns to surplus in 2010-11 (AU$78 million), 2011-12 (AU$96 million) and 2012-13 (AU$304 million). Mr Foley says to get the State's Budget back into surplus he has had to make some difficult decisions including:
It will deliver recommendations on budget improvement measures to contribute towards a savings target of AU$750 million in the three years from 2010-11. The Commission will include representatives from the Economic Development Board, the Social Inclusion Board and central government agencies. It will also have access to external expertise. The Commission will make its initial recommendations to the Government for the 2010-11 Budget. Previous savings exercises in 2002 and in 2006 identified savings worth in excess of AU$1.5 billion. "The Government is confident that this new savings target is also achievable," says Mr Foley. In April, the International Monetary Fund advised Governments to invest in and bring forward investment in key infrastructure as a means of leading their economies to recovery. "The State Government is doing just that; in our schools, hospitals, our roads, with water security projects and in our public transport system. This investment not only directly supports thousands of jobs but also stimulates the economy to secure the jobs of many others," Mr Foley says. In partnership with the Commonwealth, South Australia will be spending more than a AU$1 billion as part of the Nation Building - Economic Stimulus Plan for major new school infrastructure, social housing and transport infrastructure. The Government also remains committed to investing in the six new metropolitan schools that begin coming on stream from next year and the new Royal Adelaide Hospital to be commissioned in 2016. "The 2009-10 Budget commits to record investment in infrastructure and key services, supports thousands of jobs and delivers a plan to see the State Budget out of deficit and into surplus as our economy rebounds from the impact of the global financial crisis." Budget highlights
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