Major developments reach record $109 billion

 

Premier Jay Weatherill today announced the value of major developments underway and planned for South Australia had hit a record high of $109 billion.

 

Announcing the figure at the 2011 South Australian Investment Symposium, Premier Weatherill said the record value of public and private sector developments, listed in the Major Developments Directory 2011/12, is an impressive 36 per cent increase on the previous year.

 

"This is proof our state has become a favourable business destination," Mr Weatherill said.

 

"BHP Billiton's Olympic Dam expansion, independently valued at US $27.4 billion, is a prime example of the state's leadership in minerals - but the new directory showcases many more projects across a diverse range of sectors set to promote our credentials on the global stage.

 

"Importantly for the South Australian community, the full range of major developments are delivering significant benefits to the state's economy.

 

"Our new Department for Manufacturing, Innovation, Trade, Resources and Energy has been established to bring together manufacturing, mining and trade in the same department to better link these sectors."

 

Manufacturing, Innovation and Trade Minister Tom Koutsantonis said the directory showed South Australia has recorded growth in investment across all but one sector.

 

"The $8 billion Air Warfare Destroyer project and the multi-billion dollar through-life support activity for Collins class submarines have cemented South Australia's well-deserved reputation as Australia's defence hub," Mr Koutsantonis said.

 

Increases have led to projects worth:
• $65.39 billion in the minerals and energy sector
• $9.09 billion in defence
• $5.5 billion in manufacturing and industrial development
• $4.93 billion in education and health
• $4.82 billion in infrastructure
• $3.63 billion in water management.

 

Mr Weatherill said projects in infrastructure, urban development, water management and clean technology are also helping change the course of the state's economy - delivering jobs and prosperity to the South Australian community.

 

"Transport infrastructure such as the North-South Corridor as well community projects such as the new Royal Adelaide Hospital are helping build a healthy, safe and productive community," Mr Weatherill said.

 

The State Government has established a team of corporate and commercial investment experts to attract investment to South Australia and help maximise the economic benefits flowing from our major infrastructure projects.

 

Mr Weatherill said the Invest in South Australia team would be established within the newly formed Department for Manufacturing, Industry, Trade Resources and Energy and draw on cross-government resources to drive investment attraction in the State.

 

Invest in South Australia is a response to a recommendation by the Economic Development Board and will be overseen by the Board's deputy chair, Kevin Osborn.

 

The South Australian Major Developments Directory 2011/12 is available online at: www.southaustralia.biz/MDD.