You can access our media release here.
You can access our member update here.
For details, keep reading.
Impact on daily business
- Payroll tax rebates covering payrolls up to $1.2 million have been made permanent, and shifted to cuts. This means your business will receive the benefit in the year of declaration rather than waiting for an additional 12 months. This should cut red tape and improve cash flow.
- The cut-out for the small business rebate has been lifted from $1.2 million to $1.5 million, providing a benefit for another 1300 businesses.
- General government charges will increase 2.2 per cent. Compulsory third Party insurance will increase 3 per cent.
- Banks subject to the Commonwealth bank levy will also face a 0.015 per cent State bank levy on the South Australian share of their liabilities, doubling the Commonwealth levy. It is expected that this will be passed on to customers.
Apprentices and trainees
- Businesses with payrolls over $600,000 can already claim two $5000 payments over two years for every new job created. If you’re employing an apprentice or trainee, you now get an additional $5000 over those two years. Businesses with payrolls between $600,000 and $5 million will receive a total $15,000 for each new apprentice, while businesses with payrolls up to $600,000 will receive up to $9000.Time to start employing young people for new skills.
Security of Payment education
- The Office of the Small Business Commissioner will work with Master Builders SA to deliver an education program to subcontractors to promote the Building and Construction Industry Security of Payment Act. The Small Business Commissioner will receive $256,000 annually, indexed, to provide this service.
Property taxes and incentives
- Foreign purchasers face a new 4 per cent stamp duty surcharge on their purchase from 1 January 2018.
- Stamp duty concessions for off-the-plan apartment purchases have been extended for 12 months to 30 June 2018.
- Investors purchasing an off-the-plan apartment between 22 June 2017 and 30 June 2018 will enjoy a five-year land tax exemption.
- $10,000 construction grant for purchasers of off-the-plan apartments where building hasn’t started and a contract has been entered between 22 June 2017 and 30 September 2017.
- The government has established a $200 million Future Jobs Fund to support shipbuilding and defence, renewable energy and mining, tourism, health and biomedical research, and information technology and advanced manufacturing. This comprises specific measures of $50 million, a provision for low interest loans totalling $30 million, and $50 million of grants and $70 million in low interest loans for job creation in specific areas.
- One of the final pieces of the North-South Corridor (between Regency Road and Pym Street) has been proposed to connect the Northern Expressway to the River Torrens. The $415 million project is contingent on Commonwealth contributions but has been identified by Infrastructure Australia as a “Priority Initiative”.
- $462.5 million will be made available over five years ($242.5 million over the forward estimates) to electrify the Gawler Rail line from Salisbury to Gawler. Commonwealth funding is needed.
- Duplication of Main South Road from Seaford to Sellicks Beach to start from 2019-20. The project will cost $305 million, with $100 million to be delivered over the next four years.
- Two new Park’n’Ride multi-level facilities for Klemzig and Tea Tree Plaza interchanges at a cost of $15 million over the next two years.
- $9.3 million will be spent over the next two years to upgrade and maintain jetties at Henley Beach, Port Noarlunga, Sempaphore and Port Bonython. The commercial potential of the Whyalla jetty will be expanded for waterfront living, visitation and accommodation.
- An interactive 3D model of Adelaide CBD and key development areas will be developed for $1 million. This will be available to the public and industry.
- A new Women’s hospital will connect to the New Royal Adelaide Hospital at a total cost of $528 million. Construction is expected to be completed by 2024; only $30.3 million will be spent between now and 2020-21.
- The Queen Elizabeth Hospital will gain a new emergency department, operating theatres and other clinincal infrastructure as part of a $250 million redevelopment (Stage 3).
- Another $24 million has been set aside to improve the current Women’s and Children’s Hospital.
- Flinders Medical Centre will gain two new operating theatres at a cost of $3.5 million.
- Lyell McEwin Hospital will expand its emergency department at a cost of $52.5 million over the next four years.
- A second South Australian Health and Medical Research Institute (SAHMRI 2) will be built with a $44 million State Government contribution.
- Adelaide will gain a new R-12 school for Munno Para and another for Sellicks Beach/Aldinga under two PPPs. A project office will be established this year at a cost of $7 million over the next four years.
- $31 million has been set aside over the next three years to redevelop the Sir Samuel Way Building to increase jury court rooms and to refurbish Supreme Court buildings.
- A $5 million fund has been established for the upgrading of infrastructrue and equipment as identified by multicultural and community organisations.
- Netball SA’s Priceline Stadium will have $4.5 million set aside for an upgrade.
- $1.9 million will be provided this coming year to develop an international design process for the new Adelaide Contemporary art gallery to be located on the old Royal Adelaide Hospital site.
- Communities can propose infrastructure and other projects as part of a $40 million “Fund my Neighbourhood” scheme. Communities can directly apply, although it appears others may also if they engage the community.
- Budget to raise $19.148 billion in revenue, and spend $19.076 billion next year to deliver a $72 million project.
- Budget surpluses forecast for 2018-19 ($132 million), 2019-20 ($193 million) and 2020-21 ($462 million).
- Gross State Product and State Final Demand forecast to grow 2.25 per cent annually over the next four years.
- Employment is forecast to grow only 1 per cent annually over the next four years.
- The Adelaide Consumer Price Index is forecast to grow 2 per cent next year and 2.25 per cent annually thereafter.
- Net debt is forecast to be $6.29 billion in 2017-18 and is forecast to top out at $6.8 billion in 2019-20.