ABS unemployment data tax reform must stimulate SA job prospects

ABS unemployment data: tax reform must stimulate SA job prospectsSouth Australia’s unemployment rate is now the highest in the nation and well above the national average – genuine tax reform must stimulate the economy to address this spike. According to the ABS, South Australia’s seasonally adjusted unemployment data has increased from 6.6 per cent in December to 7.3 per cent in January 2015. In trend terms, unemployment has increased from 6.8 per cent to 6.9 per cent. The national seasonally adjusted average has increased to 6.4 per cent, while in trend terms it has reached 6.3 per cent. Property Council of Australia (SA Division) Executive Director Daniel Gannon said widespread tax and economic reform will address this unemployment rate increase. “Remarkably, Tasmania has recorded a decrease in its trend unemployment rate while South Australia is heading up. This is a major concern,” said Mr Gannon. “We must ensure that South Australia is business friendly, and this starts with widespread taxation reform that will help drive the economy and create jobs. “For the property industry, this means creating a competitive business environment by taking a long-term approach to reforming the state’s tax system “We need a simple, equitable and fair tax system that encourages investment, increases business attraction and puts South Australia on the economic map. “But in order to become the most competitive state to do business in Australia, we need the right tax settings to cultivate an environment that encourages economic growth and job creation. “South Australia’s tax regime is the worst in the nation, and that’s why it’s time to take an axe to the anti-growth tax in stamp duty. “It’s time to look at policies that promote growth, like tax and planning reform, shop trading hours deregulation and council reform. “Any tax reform discussion must start with stamp duty – it’s a barrier to investment, growth, economic stimulation, labour mobility and discourages older South Australians from down-sizing. “But we also need to look at the overall tax burden imposed on South Australians.”